Technical Analysis: AUDUSD

AUDUSD rose to a one-week high

On Wednesday, AUDUSD climbed for the 4^th straight trading day and broke above the 0.650 mark, reaching the highest level since 17^th November.

Australia CPI was better than expected year on year in October

Boosted by rising housing prices, rents and the costs of new housing, Australia CPI increased by 3.8% year on year in October, which was higher than the forecast of 3.6%.

The USDX was capped and fell

On Wednesday, the USDX fell for the second straight trading day. It hit a one-week low for some time. It ended down 0.23% at 99.57.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, AUDUSD increased steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.658. It will jump with potential resistance at 0.662 if it breaks above 0.658.

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, KDJ went upwards after golden cross occurred, showing that the bullish market trend prevailed. Investors should focus on whether AUDUSD will break through the support at 0.650. It will climb if it retreats but is stable above 0.650.

Key resistance: 0.658,0.662

Key support: 0.650,0.646

Generally speaking, the bullish market trend prevailed in the short term. Investors should buy as AUDUSD retreats during the day.