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AUDUSD: shock retracement
2023-01-11
1017
Fundamental analysis:
The Australian dollar remained volatile near 0.68961 against the US dollar. The Australian Finance Minister said that Australia will face a severe test in 2023, and the impact of the global economic slowdown will intensify in the next few months; the Chinese ambassador to Australia said that China is open to cooperation with Australia , To further explore "new fields", especially in the fields of green energy and electric vehicles.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum maintains shocks and retreats, the market’s short-term sentiment has signs of waiting for opportunities to enter the market, the MACD indicator is at a high level in the bullish area, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Long-short turning point: 0.69035
Suppression: 0.69309, 0.69530
Support: 0.68746, 0.68536
Trading strategy: bearish below 0.69035, target 0.68746, 0.68536
Alternative strategy: Bullish above 0.69035, target 0.69309, 0.69530
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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