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AUDUSD: Pull up and finish

2023-09-12
597
Fundamental analysis:

The Australian dollar remains fluctuating around 0.64292 against the US dollar. China, which is closely related to the Australian economy, is introducing more measures to stimulate economic development, which may be an element that boosts the Australian dollar, and the Australian dollar may be able to stabilize its strong downward trend.

Australian Dollar USD AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum at the low level maintains consolidation after rising, the market is shrouded in bullish sentiment, and there are signs of continued upward movement in the short term. The MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly consolidating above the 50 equilibrium line;

Resistance level: 0.64394 0.64488

Support level: 0.64120 0.64007

Trading strategy: Bullish above 0.64230, target 0.64394 0.64488
Alternative strategy: bearish below 0.64230, target 0.64120 0.64007

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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