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AUDUSD: The rally is in full swing
2022-10-23
1223
Fundamental analysis:
The Fed is widely expected to raise its benchmark overnight interest rate for a fourth straight time by 75 basis points at its Nov. 1-2 policy meeting to combat inflation at a four-decade high. Aggressive policy tightening has lifted the target range for benchmark interest rates from near zero in March to 3.00 percent to 3.25 percent now.
Daily AUD/USD AUDUSD chart
Technical analysis:
The daily chart shows that the short-term exchange rate has a rapid upward attack, MACD runs below the 0 axis but the volume can continue to shrink, RSI has a rapid rebound, and it is expected that the exchange rate will further rebound in the short term with a high probability.
Long-short turning point: 0.6450
Pressure position: 0.6650 0.6850
Support: 0.6250 0.6050
Trading strategy: Bearish below 0.6450, target 0.6250, 0.6050
Alternative strategy: Bullish above 0.6450, target 0.6650, 0.6850
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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