AUDUSD: The short sellers keep making efforts

Fundamental analysis:

RBA Chairman Lowe predicted on Friday that further interest rate hikes would occur, but at some point the rate of interest rate hikes should slow down. The Goldman Sachs analyst team believes, "In our view, adding the statement of 'at some point' means that the pace of tightening will not slow down immediately. We continue to expect the Federal Reserve of Australia to raise interest rates by 50 basis points in October, and then by 25 basis points in November and December respectively. We will pay close attention to the retail sales and job vacancy data to be released later this month."

AUDUSD daily chart

Technical analysis:

From the daily chart, we can see that the short-term exchange rate continues to decline in a weak way. MACD runs below the 0 axis and can increase its volume slightly. RSI continues to decline. It is expected that the exchange rate probability will further decline after the rebound.  

Empty turning point: 0.7030

Pressing position: 0.7200 0.7400

Support position: 0.6850 0.6650

Trading strategy: bearish at 0.7030, target 0.6850, 0.6650

Alternative strategy: bullish above 0.7030, target 0.7200, 0.7400