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AUDUSD: The shock moves down
2023-06-23
769
Fundamental analysis:
The Australian dollar remained volatile around 0.67636 against the US dollar. The Reserve Bank of Australia released the minutes of its June policy meeting, which lacked guidance on further interest rate hikes. The market took this as a dovish signal. The Australian dollar, which is sensitive to Asian economic data, was also under pressure due to lackluster stimulus from Asian governments.
Australian dollar AUDUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-seller momentum maintains a narrow range of fluctuations and slows down, the market’s short-seller sentiment remains, and there is a trend of continuing to move downward in the short term. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 0.67866 0.68096
Support levels: 0.67345 0.67175
Trading strategy: bearish below 0.67636, target 0.67345 0.67175
Alternative strategy: Bullish above 0.67636, target 0.67866 0.68096
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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