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AUDUSD: shock rise

2023-05-07
822
Fundamental analysis:

The Australian dollar remained volatile around 0.67570 against the U.S. dollar. The market expects that the RBA may raise interest rates by 25 basis points to 4.10% before the end of September after the Reserve Bank of Australia unexpectedly raised interest rates on Tuesday.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is strong and volatile, and the market is shrouded in bullish sentiment. In the short term, it will continue to rise. The MACD indicator is in the bullish zone and fluctuates upwards, and the RSI indicator is in the bullish zone to maintain consolidation and move upward;

Resistance levels: 0.67672 0.67784

Support levels: 0.67391 0.67264

Trading strategy: bullish above 0.67503, target 0.67672 0.67784
Alternative strategy: bearish below 0.67503, target 0.67391 0.67264

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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