Audusd Turns Higher Again

last updated on

Audusd Turns Higher Again

AUD/USD Turns Higher Again After FOMC Minutes

The AUD/USD pair is back on an upward trajectory and can be seen trading near the 0.6560 handle. The pair has already managed to recover some of its earlier losses and is now trying to regain positive momentum once again.

The pair came under selling pressure right after the release of the FOMC minutes. In fact, the selling pressure caused the AUD/USD to move from its 3-month highs.

AUD/USD Faces Resistance At 0.66

After the meeting minutes, the Aussie near the 0.6550 handle, and if we look at the technicals, the decline started after touching the 200 SMA. But it appears that the selling momentum has now faded as the Aussie is now on the upward trajectory once again.

Looking ahead, the Aussie pair faces resistance from a nearby trendline along with the 0.66 handles as well. According to experts, the pair will need to close above these levels to confirm the bullish bias once again. Right now, the trading bias is already positive for the AUD/USD, but it will need confirmation first.

If we look at the 4-hour chart of AUD/USD, it suggests the bearish correction is still on the cards and might continue once again later today. In particular, the RSI indicator has moved away from the overbought levels while the MACD is showing bearish signs.

In terms of the nearest support levels, the traders will be looking at the 0.6540 and then the 0.6520 level. After these two, the next support level that will prove to be an anchor for the bulls is the 0.6485 handle.

On the upside, the resistance levels that could stop the current recovery wave are located at 0.6565 followed by 0.6590.

If we look at the FOMC minutes, it is revealed that the policy is still intact with no major surprises at all. That's why it makes sense for the AUD/USD to also reverse its earlier losses and return back to its former exchange rate once again.

Trending Stories