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AUDUSD in a Downtrend, Correcting Towards Support Before US CPI was Released

Forex Market
Summary:

AUDUSD ticked down 0.11% to 0.69046 during the European session.

Buy AUDUSD
End Time
CLOSED

0.68824

ENTRY PRICE

0.71273

TGT PRICE

0.68109

SL PRICE

0.70874 -0.00185 -0.26%

1484

Points

Profit

0.68109

SL PRICE

0.70308

CLOSING

0.68824

ENTRY PRICE

0.71273

TGT PRICE

Fundamentals

AUDUSD fell to 0.68898 during today's trading session.
The dollar index dropped below 103.02 overnight to its lowest level since June 10, extending its Friday losses. Traders bet that recent economic data will prompt the Fed to slow the pace of rate hikes, while riskier currencies benefited from China reopening borders.
Technical analysis shows that the exchange rate fell below the six-month low of 103.38 hit on December 30. If this position cannot be recovered quickly, the market may dip to 101.30 hit on  May 30. 

Technical Analysis

According to chart H4, AUDUSD is breaking above the previous downtrend.
The key price level of 0.68802 was breached by Friday's NFP data, pushing the AUDUSD further higher as the dollar plunged below recent support levels.
At present, AUDUSD is retesting new support levels, and USD is retesting new resistance levels.
AUDUSD in a Downtrend, Correcting Towards Support Before US CPI was Released_1
In the short term, we can continue buying when AUDUSD tests new support levels. AUDUSD will push strongly towards 0.71304 with the expectation of the US Dollar Index (DXY) decline.

Trading Recommendations

Trading Direction: Long
Entry Price: 0.68824
Target Price: 0.71273
Stop Loss: 0.68109
Support: 0.68145
Resistance: 0.69410, 0.71410
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Ricardo Nguyen

Analyst

With more than 7 years of experience in the financial market in general and Forex in particular, I also held many important positions. I cooperated with many units to organize training courses on investment knowledge and skills to share useful knowledge with the participation of thousands of people.

Rank

2

Articles

16

Win Rate

66.67%

P/L Ratio

5.15

Focus on

XAUUSD, USDJPY, BRENT

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