Technical Analysis: AUDUSD

AUDUSD fell sharply

During the Asian session on Wednesday, AUDUSD fell more than 0.8%, falling below the 0.660 mark.

The Reserve Bank of Australia kept interest rates unchanged

On Tuesday, the Reserve Bank of Australia kept interest rates unchanged at a 13-year high of 4.35% for the eighth consecutive meeting, in line with market expectations. The Reserve Bank of Australia said that policy needs to remain sufficiently restrictive until the committee is convinced that inflation is moving sustainably towards the target range.

In addition, the Reserve Bank of Australia lowered its forecasts for GDP and household consumption growth, and lowered its CPI and core inflation forecasts.

The USDX broke through the 104 mark

During the Asian session on Wednesday, the USDX strengthened in the short term, and the price broke through the 104 mark, reaching a new high since October 30.

Technically speaking, the bearish market trend prevailed in the short term

the Chart of the Day 

On the chart of the day, AUDUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD was running below the 0 axis, showing AUDUSD will fall further. Investors should focus on whether AUDUSD will break through the support at 0.654. It will fall further with potential support at 0.648 if it breaks below 0.654.

4-hour chart

On the 4-hour chart, AUDUSD fell sharply in the short term. The bearish market trend prevailed. In terms of technical indicators, KDJ fell after a high-level death cross, showing that the market trend is bearish. Investors should focus on whether AUDUSD will break through the resistance at 0.664. It will fall further if it rebounds but is stable at 0.664.

Key resistance: 0.664,0.668

Key support: 0.654,0.648

Generally speaking, AUDUSD is more likely to fall in the short term. Investors should focus on the results of the US presidential election during the day.