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AUDUSD: The shock moves down
2023-01-04
1009
Fundamental analysis:
The Australian dollar remained volatile around 0.67284 against the US dollar. It is only a matter of time before the Asian economy reopens and boosts the economy. What's good for the Asian economy is good for the Australian economy, given that Asia buys a lot of Australia's raw materials. The Aussie's fortunes will continue to be tied to global equity markets, which will recover on the back of Fed easing.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum is moving down rapidly, the short-term decline may continue, the overall market is shrouded in bearish sentiment, the MACD index maintains and moves down to hover around the 0 axis, and the RSI index is in a weak order below the 50 balance line;
Long-short turning point: 0.67375
Suppression: 0.67549, 0.67717
Support: 0.67107, 0.66904
Trading strategy: bearish below 0.67375, target 0.67107, 0.66904
Alternative strategy: Bullish above 0.67375, target 0.67549, 0.67717
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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