8.23 FPG Australian Dollar Trend Analysis

AUDUSD H4

Last night, the US released a series of data and statements from Federal Reserve officials, once again weakening the expectations that the Federal Reserve will speed up interest rate cuts by 50 BP in the September 18 interest rate decision. The US dollar index also rebounded slightly at the bottom of the year. The rise in the US dollar led to the decline of the Australian dollar yesterday, but compared to Australia's comprehensive PMI data, which rose from 49.9 below the boom and dry line to 51.4, the data made the market still firmly believe that the Federal Reserve Bank of Australia will be the latest central bank in the world to adjust interest rates in the near future. The Australian dollar was supported to a certain extent by interest spread factors. Markets focused their attention on Powell's speech at the Jackson Hole conference tonight. It has a huge impact on the Australian dollar in the short term.

Technically, the trend of the Australian dollar is in line with previous analysis. The Australian dollar is overbought, and the slope will be adjusted again in the short term. Yesterday, the market also broke through the low of the previous two trading days and made a correction. The price fell back into the previous upward channel. It was supported around 0.670 during the day, and finally closed at 0.671. The upper 0.675 position has been blocked for three consecutive trading days, indicating that the upper resistance is still obvious. Currently, the idea remains unchanged. The short-term correction of the Australian dollar focuses on support at the lower end of the upward channel.

Upper line resistance 0.673, second line resistance 0.675, third line resistance 0.676.

The lower first line supports 0.671, the second line supports 0.670, and the third line supports 0.668.

# This advice is general and does not take into account your specific financial situation and needs. Investments involve risk, so be sure to evaluate them carefully. #