AUDUSD: range bound

The Australian dollar remains fluctuating around 0.64834 against the US dollar. Interest rate futures prices have almost ruled out the possibility of the Reserve Bank of Australia raising the cash rate, currently 4.1%, at the September meeting next week, and now imply that the possibility of raising interest rates before the end of the year is only 36%. The sharp fall in inflation confirms that the Reserve Bank of Australia has ended policy tightening and raises the possibility that it will begin easing policy sooner than most expect.

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

Looking at the 4-hour chart: short-term high fluctuations, the market as a whole shows signs of bullish shock and upward movement, the MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance level: 0.64940 0.64051

Support level: 0.64863 0.64550

Trading strategy: Bullish above 0.64776, target 0.64940 0.64051

Alternative strategy: bearish below 0.64776, target 0.64863 0.64550