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AUDUSD: sharp drop at high level

2022-11-03
557
Fundamental analysis:

AUD/USD remained volatile around 0.63,462. RBA Chairman Lowe said that the interest rate of the RBA had been raised significantly in a short period of time, and it was appropriate to raise interest rates at a slower pace thereafter; Australia's housing finance fell 9.3% month on month, much more than the expected decline of 2.5%.



AUDUSD AUDUSD - 4-hour K line chart shows:





Technical analysis:


The 4-hour chart shows that the momentum of short sellers has dropped rapidly, and the short-term decline may continue. The market short sellers have entered the market rapidly. The MACD indicator hovers under the 0 axis, and the RSI indicator is weak under the 50 equilibrium line;


Empty turning point: 0.63543


Pressing: 0.63811, 0.64043


Support: 0.62225, 0.63024


Trading strategy: 0.63543 lower bearish, target 0.62225, 0.63024


Alternative strategy: bullish above 0.63543, target 0.63811, 0.64043

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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