AUDUSD Erratic Through FOMC

Technical Analysis

An erratic Wednesday pre- and post-FOMC  to reinforce the consolidation tone so far this week, still capped by strong resistance at .7819/40, but the probe below .7674 support, leaves a downside bias for Thursday.

Furthermore, the push down towards .7595 last week negated the previous recovery effort and maintains June bear pressures.

For Today:

  • We see a downside bias for .7700 and .7641/33.
  • But above .7793 opens risk up to .7819/40, which we would look to try to cap.

Short/ Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat through .7595 to .7533.
  • Below here targets .7500, .7269 and .7094.

What Changes This? Above .7840 eases bear risks; through .7932 signals a neutral tone, only shifting positive above .8164.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.