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17 Mar 2015
AUD/USD: Rangebound ahead of FOMC this week
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7621 with a high of 0.7666 and a low of 0.7610.
AUD/USD is pretty directionless but trades between 0.7680 and 0.7610 to the downside. The price is headed towards the bottom of this short term range currently from upon the mid point of the handle. we are rather flat post the RBA minutes that echoed the sentiment in the market where by the RBA will act accordingly to economic data if Australia requires stimulus to support growth in the economy. But, for the meanwhile, although it was a close call in their previous meeting, and they are sitting tight for the time being. Then, this week comes with the FOMC and Yellen's press conference. This may well be the catalyst that allows some direction back into the pair.
Technically, continued failing attempts at the upside brings in the 2 year down channel at 0.7528 as a target for the bears which could come as a strong support line ahead of 0.7183, being a 61.8% retracement of the move up from 2001 as explained by Karen Jones, chief analyst at Commerzbank.
AUD/USD is pretty directionless but trades between 0.7680 and 0.7610 to the downside. The price is headed towards the bottom of this short term range currently from upon the mid point of the handle. we are rather flat post the RBA minutes that echoed the sentiment in the market where by the RBA will act accordingly to economic data if Australia requires stimulus to support growth in the economy. But, for the meanwhile, although it was a close call in their previous meeting, and they are sitting tight for the time being. Then, this week comes with the FOMC and Yellen's press conference. This may well be the catalyst that allows some direction back into the pair.
Technically, continued failing attempts at the upside brings in the 2 year down channel at 0.7528 as a target for the bears which could come as a strong support line ahead of 0.7183, being a 61.8% retracement of the move up from 2001 as explained by Karen Jones, chief analyst at Commerzbank.