Technical Analysis: AUDUSD

AUDUSD rose for the third consecutive trading day

On Tuesday, AUDUSD rose for the third consecutive trading day. It ended up 0.36% at 0.6532.

Minutes of the Reserve Bank of Australia: Restrictive monetary policy is needed

On Tuesday, the Reserve Bank of Australia released the minutes of the monetary policy meeting. The minutes showed that the Reserve Bank of Australia's board of directors remained cautious about the possibility of further increases in inflation and emphasized the need for restrictive monetary policy. Members of the Reserve Bank of Australia's board of directors also said that there was no immediate need to adjust the cash rate, although they left the door open for future changes and pointed out that nothing could be ruled out.

USDX continued to decline

On Tuesday, USDX continued its downward trend. It ended down 0.41% at 106.23.

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

the Chart of the Day

On the chart of the day, AUDUSD continued to rise. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.656. The upper resistance will be around 0.660 if it breaks above the resistance at 0.656.

4-hour chart 

On the 4-hour chart, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether AUDUSD will break through the support at 0.650. It will rise further if it retreats but is stable at 0.650.  

Key resistance: 0.656,0.660

Key support: 0.650,0.644

Generally speaking, AUDUSD is more likely to continue to rebound in the short term.Investors should focus on the speeches of Federal Reserve officials during the day.