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AUDUSD: low volatility

2023-02-24
954
Fundamental analysis:

The Australian dollar remained volatile near 0.68115 against the US dollar. Private new capital expenditures in Australia rose by 2.2% month-on-month in the fourth quarter, exceeding the expected 1.3%. Workplace health and safety ministers from Australian states and territories will meet next week to discuss the need to take action Tougher measures.

Australian dollar AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics remain volatile and move downwards, and the lows fluctuate within a narrow range. The market is still bearish, the MACD indicator is in the short-term area and the RSI indicator is hovering weakly below the 50 balance line;

Long-short turning point: 0.68127

Suppression: 0.68272, 0.68412
Support: 0.67932, 0.67796

Trading strategy: bearish below 0.68127, target 0.67932, 0.67796
Alternative strategy: Bullish above 0.68127, target 0.68272, 0.68412

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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