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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="Solid ECN, post: 208391, member: 83167"] [JUSTIFY][img]https://i.ibb.co/PZ9c4Z2/audusd-forum-2.png[/img] The Australian dollar shows active growth against the US currency during trading in Asia, testing a strong psychological barrier at the level of 0.7000. AUD/USD renews local highs from May 11, although yesterday the Australian dollar showed a sharp drawdown, which was caused by the publication of disappointing macroeconomic statistics from China. Retail Sales in China fell sharply by 11.1% in April after falling by 3.5% a month earlier, although analysts had expected a decline of 6%. The pace of Industrial Production in the country in April showed a decline of 2.9% after rising by 5% in March. The forecasts assumed that positive dynamics would remain at the level of 0.7%. The Australian dollar is being supported today by the minutes of the meeting of the Reserve Bank of Australia (RBA). The regulator was rather optimistic about the prospects for inflation, noting that it is likely to return to target levels as external risks stabilize. Representatives of the department expect that by mid-2024, consumer prices may fall to the upper limit of the indicated range of 3%. As for interest rates, the RBA expects them to increase further to 1.5% by the end of 2022 and to 2.5% by the end of 2023. [img]https://i.ibb.co/r6yWMGr/audusd-1.png[/img] On the D1 chart, Bollinger Bands are gradually reversing horizontally. The price range is narrowing from above, remaining spacious enough for the current activity level in the market. MACD indicator is growing having formed a stable buy signal (located above the signal line). Stochastic shows similar dynamics, quickly approaching its highs and reflecting the risks of overbought Australian dollar in the ultra-short term. Resistance levels: 0.7, 0.705, 0.71, 0.7164 | Support levels: 0.6950, 0.69, 0.6827, 0.675 [img]https://i.ibb.co/gtLvsZH/audusd-2.png[/img][/JUSTIFY] [/QUOTE]
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