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AUD/USD bid, risk-on after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is modestly higher on the back of the FOMC minutes where members conveyed that a December rate hike might be appropriate.

    We are up to test the commitment of the bears at 0.71 the figure and some 30 pips higher than pre data spot while price is unable to gather momentum away from the pull of the 200 SMA on the hourly chart at 0.7082.

    Investors did not get anything more than what has already been priced in so risk is on, stocks up, while there could be a period of consolidation otherwise before the major finds another catalyst elsewhere and/or more of the same presumption and majority consensus that the Fed will indeed hike in Dec, supporting a continuation in the bear trend.

    AUD/USD bearish bias

    Technically, AUD/USD remains negative. The bearish pattern continues and probes the channel support at 0.7097 and we are targeting the recent lows of 0.7068 scored in late October, guarding the September low at 0.6940.
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