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Analysis and Education>Technical Analysis: AUDUSD

Technical Analysis: AUDUSD

07.12.2022

AUDUSD has decreased for the 3rd straight day


AUDUSD has decreased for the 3rd straight day as the RBA increased the interest rate at a slower pace and the US dollar index rose.

 

The RBA continued raising the interest rate at a slower pace


On 6th December, the RBA announced the interest rate decision. The RBA increased the interest rate by 25 basis points to 3.1%, the highest since August 2012, meeting expectations.


Australia is the first country that slows down the tightening. It is also the first developed economy that lowers the interest rate hike to 25 basis points in October.


The RBA Governor Philip Lowe said the RBA will raise the interest rate further, but added that it was not a pre-set path. Upcoming economic data determine the scale and the timing of the further interest rate hike.


The US dollar index continued rebounding


On Tuesday, the US dollar increased by 0.27% and closed to 105.57. US stocks were sold off. Investors are preparing for next week’s interest rate decision.


Technically speaking, the market trend is bullish


On the chart of the day, AUDUSD continued falling. The market trend is bearish. In terms of technical indicators, KDJ went downwards after death cross occurred, demonstrating that AUDUSD will fall further. Investors should focus on whether AUDUSD will break through the support at 0.658.


On the 4-hour chart, AUDUSD decreased and was prone to fluctuation. Potential top pattern occurred in the short term. In terms of technical indicators, MACD broke below the zero axis after undergoing death cross at high levels, demonstrating that the market trend is bearish. AUDUSD will fall further if it is capped at the resistance at 0.674.

 

Key resistance: 0.674, 0.680

Key support: 0.664, 0.658


In summary, AUDUSD will fall further as the RBA raised the interest rate at a slower pace and the US dollar increased.

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