AUDUSD: shock moves up

Fundamental analysis:

The Australian dollar held around 0.68114 against the U.S. dollar as the country's A$3.3 trillion ($2.2 trillion) pension fund posted its worst performance in 14 years in 2022 as markets were hit by rising interest rates. Default fund MySuper, which measures sector performance, fell 4.3 per cent, its worst performance since the 2008 global financial crisis. Returns have been dragged down by fixed-income assets, which have lost value as central banks aggressively hiked rates to fight inflation.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and moves up, short-term bullish sentiment emerges, the market’s bullish potential continues to ferment, the MACD indicator is in the bullish area and moves upward, and the RSI indicator is hovering weakly above the 50 balance line;

Long-short turning point: 0.68029

Suppression: 0.68282, 0.68456

Support: 0.67876, 0.67727

Trading strategy: Bullish above 0.68029, target 0.68282, 0.68456

Alternative strategy: bearish below 0.68029, target 0.67876, 0.67727