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AUDUSD: multi headed step up

Fundamental analysis:

The Aussie dollar remained volatile around 0.68837 against the US dollar, and the Aussie dollar will weaken in the coming months and even in 2023; Two factors will particularly drag down the Australian Dollar: 1) the country's slowing real estate market; 2) With the economic slowdown in Asia, Australia's terms of trade have deteriorated.

AUDUSD - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the low bulls kept surging, the short-term Bulls' momentum continued to rise, the market was bullish, the MACD index remained in the long area, and the RSI index hovered in the long area;

Long and short turning point: 0.68721

Pressing position: 0.69040, 0.69229

Support position: 0.68508, 0.68277

Trading strategy: bullish above 0.68721, targeting 0.69040, 0.69229

Alternative strategy: bearish below 0.68721, target 0.68508, 0.68277

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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