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AUDUSD: sharp drop from high

Fundamental analysis:

The Australian dollar remained volatile around 0.69411 against the US dollar. Market institutions said that the RBA will continue to raise interest rates by 25 basis points in February and reach a peak of 4.1% in May.

Australian dollar AUDUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum has plummeted, the market is bearish, and the short-term decline may continue. The MACD indicator is in the long-term area and moves down. The RSI indicator’s short-term momentum maintains a shock and moves down to the lower side of the 0 axis;

Long-short turning point: 0.69516

Suppression: 0.69744, 0.69958
Support: 0.69187, 0.68979

Trading strategy: bearish below 0.69516, target 0.69187, 0.68979
Alternative strategy: Bullish above 0.69516, target 0.69744, 0.69958

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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