AUD/USD gains momentum ahead of the FOMC statement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Greenback weakened against commodity currencies before the FOMC statement and pushed AUD/USD to fresh daily highs. The pair peaked at 0.7231 and remains near the highs while volatility slowly increases in the currency market.

    At 19:00 GMT the Federal Reserve will release its statement with the interest rate decision and then Janet Yellen will hold a press conference. The US central bank could rise rates for the first time since 2006.

    While the US dollar remained steady against European currencies, it declined against commodity currencies, particularly versus the aussie and the kiwi.

    AUD/USD technical levels

    To the upside, immediate resistance might be seen at 0.7240 (Dec 8 & 9 high), 0.7285 (Dec 15 high) and 0.7335 (Dec 9 high). On the opposite direction support could lie at 0.7215 (20-SMA 4-hour chart), 0.7178 (daily low) and 0.7155 (Dec lows).

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