AUDUSD: rebound as scheduled

Fundamental analysis:

Yesterday, the US dollar index closed at 114.16, the highest level in 20 years. In the face of a strong US dollar, commodity prices have fallen back since June and have declined significantly since September. Commodity currencies have also weakened significantly this year. Analysts believe that the current multiple factors favor the US dollar. With the expectation that the US dollar will remain strong, the weak market of short-term commodities and commodity currencies may continue, but in the long run, the current decline may bring investors low-cost buying opportunities.

AUDUSD daily chart

Technical analysis:

From the daily chart, we can see that the short-term exchange rate continues to accelerate and decline, and then it reaches the bottom and rises rapidly. The MACD runs below the 0 axis and the volume can shrink slightly. The RSI rises slightly. It is expected that the exchange rate probability will continue to rebound in the short term.  

Empty turning point: 0.6650

Pressing position: 0.6850 0.7030

Support position: 0.6450 0.6250

Trading strategy: bearish at 0.6650, target 0.6450, 0.6250

Alternative strategy: bullish above 0.6650, target 0.6850, 0.7030