AUD/USD keeps the range after Fed minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Fed minutes released hardly had any impact on the AUD/USD pair, leaving it unaffected in a three hour long narrow range of 0.7165-0.7185.

    Rising treasury yields support USD

    The treasury yields ignored the dovish Fed minutes and remained resilient on account of a 6% rally in oil prices. Consequently, the USD managed to avoid fresh losses following Fed minutes release.

    Meanwhile, the rally in oil is boding well for CAD and other commodity currencies like AUD. Hence, the losses have been restricted around 0.7165 levels. The focus now shifts to RBA assistant governor’s speech, which will be followed by Australia unemployment data release.

    AUD/USD Technical Levels

    The spot currently trades around 0.7170 levels. The immediate support is seen at 0.7165, under which the pair could extend losses to 0.7296 (200-DMA). On the other hand, a break above 0.7185 would open doors for a rally to 0.7243 (Feb 4 high).
    For more information, read our latest forex news.

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