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18 Mar 2015
AUD/USD: Supported while awaiting FOMC annoncements
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7645 with a high of 0.7651 and a low of 0.7589.
AUD/USD is extending the rally from the lows just below 0.7500 and is up to test the mid point of the 0.76 handle. The markets are behind the Aussie currently with a potentially over bought greenback in the lead up to the FOMC later today where rates are expected to stay on hold but markets are pricing in for a rate hike in June or September and will be looking closely as to what forward guidance will come with the statement.
Technically, the major is trading in familiar ranges and Karen Jones, chief analyst at Commerzbank notes price moving in to a technical falling wedge pattern. Meanwhile, the DXY is also of interest given the break of the descending resistance and RSI into overbought territory, which supports the upside in the Aussie at this juncture.
AUD/USD is extending the rally from the lows just below 0.7500 and is up to test the mid point of the 0.76 handle. The markets are behind the Aussie currently with a potentially over bought greenback in the lead up to the FOMC later today where rates are expected to stay on hold but markets are pricing in for a rate hike in June or September and will be looking closely as to what forward guidance will come with the statement.
Technically, the major is trading in familiar ranges and Karen Jones, chief analyst at Commerzbank notes price moving in to a technical falling wedge pattern. Meanwhile, the DXY is also of interest given the break of the descending resistance and RSI into overbought territory, which supports the upside in the Aussie at this juncture.