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AUDUSD: The bears are expected to make another move
2022-09-05
1063
Fundamental analysis:
Nonfarm payrolls beat forecasts for the fifth straight month, showing the resilience of the U.S. economy. The dollar's conditioned decline was related to a small dip in wage data, but nothing materialized, and the dollar still has room to buck the trend.
AUDUSD AUDUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to be weak, the MACD runs below the 0-axis and the volume is slightly increased, and the RSI continues to decline slightly. It is expected that the exchange rate will likely fall further.
Long-short turning point: 0.7030
Suppression bit: 0.7200 0.7400
Support level: 0.6850 0.6650
Trading strategy: bearish below 0.7030, target 0.6850, 0.6650
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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