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AUDUSD: Short-term bears prevail
2022-08-28
1121
Fundamental analysis:
Kit Juckes, chief global foreign exchange strategist at Societe Generale, predicts that August is usually a difficult month for the Australian dollar, but it is currently only slightly lower than the end of July, and our desire to be long on the Australian dollar in autumn and winter has not changed. The Australian dollar will strengthen as Australia's terms of trade continue to outperform the US.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate rebounded and plummeted, the MACD was running near the 0 axis but the volume was insufficient, the RSI fell slightly, and it is expected that the exchange rate will likely fall further.
Long-short turning point: 0.7030
Suppression bit: 0.7200 0.7400
Support: 0.6850 0.6700
Trading strategy: bearish below 0.7030, target 0.6850, 0.6700
Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400
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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