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AUDUSD: strong downside

2023-05-12
832
Fundamental analysis:

The Australian dollar remained volatile around 0.67046 against the US dollar. Regarding the Australian trade minister’s visit to China, China and Australia are both important countries in the Asia-Pacific region. The economic structures of the two countries are highly complementary. It is in the fundamental interests of the two countries and the two peoples.

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



Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum is strong downward, and the short-term decline may continue. The market as a whole is in a bearish trend. The MACD index maintains shocks and moves down to the lower side of the 0 axis, and the RSI index is weakly organized below the 50 balance line;

Resistance levels: 0.67294 0.67452

Support levels: 0.66869 0.66721

Trading strategy: bearish below 0.67123, target 0.66869 0.66721
Alternative strategy: Bullish above 0.67123, target 0.67294 0.67452

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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