Technical Analysis: AUDUSD

AUDUSD broke below the 0.700 mark

On Wednesday, AUDUSD continued falling. At one point, it broke below the 0.700 mark and hit a four-week low.

Chinese CPI failed to meet expectations year on year in May

Chinese CPI, y/y (May) was 1.2%, which was in line with the previous value of 1.2% and was lower than the forecast of 1.3%, according to the data from the National Bureau of Statistics of China.

The USDX reached the 100 mark again

On Wednesday, the USDX rebounded steadily and reached the 100 mark again. It ended up 0.09% at 100.04.

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 fell. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that AUDUSD will decline further. Investors should focus on whether AUDUSD will break through the support at 0.696. It will dip with potential support at 0.690 if it breaks below 0.696.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, moving averages went downwards, showing that the market trend is bearish. Investors should focus on whether AUDUSD will break through the resistance at 0.704. It will dip if it rebounds but is capped at 0.704.

Key resistance: 0.704,0.708

Key support: 0.696,0.690

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as AUDUSD rebounds during the day.