The AUD/USD currency pair has experienced a small increase and is currently trading slightly above the mid-0.6400s level. This comes as the market anticipates an important event in the United States.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• AUD/USD posts modest gain just above the mid-0.6400s ahead of the US key event.

The pair currently trades last at 0.64560.

The previous day high was 0.6449 while the previous day low was 0.6417. The daily 38.2% Fib levels comes at 0.6437, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6429, expected to provide support.

The AUD/USD pair edges higher during the early Asian session on Wednesday. Market players await the highly-anticipated the Federal Reserve (Fed) monetary policy meeting. The pair currently trades around 0.6455, gaining 0.04% on the day.

The Federal Reserve (Fed) is scheduled to announce the two-day monetary policy meeting on Wednesday and is widely expected to hold the interest rates in the 5.25% to 5.5% range.This, in turn, might exert some selling pressure on the Greenback (USD) and acts as a tailwind for the AUD/USD pair. On Tuesday, the US Census Bureau revealed that the US housing industry revealed mixed results in August. Housing Starts fell 11.3%, while building permits surged 6.9%.

On the Aussie front, the release of the Minutes from the Reserve Bank of Australia’s (RBA) September monetary policy meeting revealed on Tuesday that additional tightening may be necessary if inflation proves more persistent than anticipated. However, the case for maintaining the status quo was stronger, and recent data have not materially altered the economic outlook.

Furthermore, the People’s Bank of China (PBoC) will announce the interest rate decision on Wednesday in Asian session. Chinese central bank is expcted to keep its benchmark lending rate unchanged. Any signs from the Chinese authorities about the additional stimulus plans to deal with the the property crisis might lift the China-proxy Australia Dollar (AUD) against the USD.

Looking ahead, market participants will keep an eye on the Australian Westpac Leading Index for August for fresh impetus ahead of the People’s Bank of China (PBoC) interest rate decision later in Asian session. The attention will shift to the Fed interest rate decision on Wednesday at 18:00 GMT. These events could give a clear direction to the AUD/USD pair.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6456 at the time of writing. Pair opened at 0.6437 and is trading with a change of 0.3 % .

The pair is trading above its 20 Daily moving average @ 0.6431, below its 50 Daily moving average @ 0.6552 , below its 100 Daily moving average @ 0.6615 and below its 200 Daily moving average @ 0.6703

The previous day high was 0.6449 while the previous day low was 0.6417. The daily 38.2% Fib levels comes at 0.6437, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6429, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.642, 0.6402, 0.6387
• Pivot resistance is noted at 0.6452, 0.6466, 0.6484

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...