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AUDUSD: recovery from lows
2023-06-01
793
Fundamental analysis:
The Australian dollar remained volatile around 0.65049 against the US dollar. Australia's April CPI rose by 6.8% year-on-year, higher than March's 6.3%, which means that the RBA's policy meeting next Tuesday is likely to adjust the policy rate.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the short-term momentum continued to fluctuate and go down, the low level rebounded in the short term, but the downward trend remained, the MACD indicator remained in the short-selling area, and the RSI indicator was in the short-selling area and hovered weakly;
Resistance levels: 0.65320 0.65484
Support levels: 0.64875 0.64733
Trading strategy: bearish below 0.65151, target 0.64875 0.64733
Alternative strategy: Bullish above 0.65151, target 0.65320 0.65484
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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