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AUDUSD: rebound continues to sell short

2022-08-26
540
Fundamental analysis:


The Australian dollar was boosted by media reports that Asia will take more measures to support the economy, including increasing financial support for infrastructure projects and increasing support for private enterprises and technology companies. On Thursday, AUDUSD closed up 1.04% at 0.6980.


AUDUSD daily chart



Technical analysis:


According to the daily chart, the short-term exchange rate continues to rebound. The MACD runs above the 0 axis but the volume is insufficient. The RSI rises slightly. It is expected that the exchange rate will further decline after the rebound.  


Long and short turning point: 0.7030


Pressing bit: 0.7200 0 0.7400


Support position: 0.6850 0.6700


Trading strategy: bearish below 0.7030, target 0.6850, 0.6700


Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400

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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