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AUDUSD: shock moves up
2023-05-11
869
Fundamental analysis:
The Australian dollar remained volatile near 0.67816 against the US dollar. The Australian government released its budget. The Australian government expects that the unemployment rate will rise from the current 3.5% to 4.25% in the second quarter of 2024, and consumer price inflation will fall to 3.25% in 2023/2024 %; is expected to post its first budget surplus in 15 years due to a tax surge (brought on by inflation).
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum slowly went up after a narrow range of shocks, the market’s bullish sentiment gradually emerged, the short-term bulls continued to move upward, the MACD index was in the bullish area, and the RSI index was hovering weakly on the side of the 50 balance line;
Resistance levels: 0.67965 0.68094
Support levels: 0.67572 0.67424
Trading strategy: Bullish above 0.67724, target 0.67965 0.68094
Alternative strategy: bearish below 0.67724, target 0.67572 0.67424
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