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AUDUSD: weak consolidation

Fundamental analysis:

The Australian dollar remained volatile around 0.64250 against the US dollar. Australia's business conditions once again showed resilience in August, with sales, profits and employment generally rising, but inflationary pressures remain high, which may increase the grounds for further tightening of monetary policy to curb inflation.

Australian Dollar USD AUDUSD - 4-hour K-line chart shows:

Brief technical analysis:

4-hour chart: The bullish momentum maintains consolidation after a short-term rise. The market's bullish sentiment weakens, but there are still signs of upward shock. The MACD indicator remains in the bullish zone and remains consolidated. The RSI indicator hovers weakly above the 50 equilibrium line;

Resistance level: 0.64370 0.64488

Support level: 0.64110 0.64007

Trading strategy: Bullish above 0.64230, target 0.64370 0.64488
Alternative strategy: bearish below 0.64230, target 0.64110 0.64007

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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