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AUDUSD: range bound

2023-05-18
831
Fundamental analysis:

AUD/USD remained oscillating around 0.66614, with Australia's wage growth data for the first quarter not a major surprise to the RBA's latest forecast. The figures are likely to give the RBA more confidence in its reading that wage growth is stabilizing.

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



Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum of the market is maintained. Although the short-term short-term sentiment has weakened, it is still in a weak and volatile trend. The MACD indicator is in the short-term area, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 0.66809 0.66957

Support levels: 0.66411 0.66249

Trading strategy: bearish below 0.66661, target 0.66411 0.66249
Alternative strategy: Bullish above 0.66661, target 0.66809 0.66957

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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