AUD - China Covid's situation worries weigh on AUD 

China Covid's situation worries weigh on AUD

On Wednesday's night, Powell's speech hinted at a slowdown in interest rate hikes in December, the U.S. November ADP employment data was lower than expected, and JOLTS job vacancies fell in October. The slowdown in the job market also strengthened expectations for the Fed to raise interest rates. In addition, nucleic acid testing and risk area control policies in some regions of China have been adjusted, and the RMB exchange rate has risen sharply to 7.05. The Australian dollar continued to rise against the U.S. dollar in an environment of stronger risk appetite and a weaker U.S. dollar.

As seen from the technical chart, the RSI and the stochastic index are falling, and the exchange rate is largely restricted by the 0.68 point and the 100-day moving average in November. It is expected that the Australian dollar will still have a tendency to further adjust against the US dollar. If calculated based on the cumulative gains in the past two months, the 23.6% and 38.2% take-back ranges are 0.6590 and 0.6510, and the expansion to 50% and 61.8% are 0.6445 and 0.6380 levels. As for the upper resistance, it is expected to be at the September high of 0.6915 or even the 0.70 points.

Estimated volatility:
Resistance 0.6800 - 0.6915 – 0.7000*
Support 0.6590 - 0.6510 - 0.6445 - 0.6380






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