29 Apr 2015
AUD/USD drifts below 0.80 on profit-taking
FXStreet (Mumbai) - The Australian dollar took a breather in its rally and gave back partial gains against the US counterpart in Asia, sending AUD/USD back below 0.79 handle, largely on the back of profit taking after rising nearly 2% in the previous session following broad USD sell-off. While markets gear up for the conclusion of Fed meeting later today.
AUD/USD cautious ahead of FOMC
Currently, the AUD/USD dropped nearly -0.50% and trades near fresh session lows at 0.7980. AUD/USD retreated from fresh three months highs above 0.80 and erased a chunk of its heavy gains seen yesterday as traders resorted to unwinding their AUD longs ahead of FOMC statement due later today.
Moreover, markets also viewed that the greenback selling yesterday was overdone which also knocked-off the Aussie lower this session.
The Aussie strengthen on Tuesday as the US dollar was heavily sold-off as markets expected delay in Fed rate hike timing given the recent weak US macro data ahead of today’s FOMC decision.
On the macro economic front, markets now focus on US GDP data and the much awaited Fed Statement for further cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8000 levels, above which gains could be extended to 0.8027 (Jan 25 High)) levels. On the flip side, support is seen at 0.7900 levels from here it to 0.7830 (April 28 Low) levels.
AUD/USD cautious ahead of FOMC
Currently, the AUD/USD dropped nearly -0.50% and trades near fresh session lows at 0.7980. AUD/USD retreated from fresh three months highs above 0.80 and erased a chunk of its heavy gains seen yesterday as traders resorted to unwinding their AUD longs ahead of FOMC statement due later today.
Moreover, markets also viewed that the greenback selling yesterday was overdone which also knocked-off the Aussie lower this session.
The Aussie strengthen on Tuesday as the US dollar was heavily sold-off as markets expected delay in Fed rate hike timing given the recent weak US macro data ahead of today’s FOMC decision.
On the macro economic front, markets now focus on US GDP data and the much awaited Fed Statement for further cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8000 levels, above which gains could be extended to 0.8027 (Jan 25 High)) levels. On the flip side, support is seen at 0.7900 levels from here it to 0.7830 (April 28 Low) levels.