Aussie at Support ahead of FOMC
Aussie is testing confluent support here at the 38.2% retracement near 6580. Looking for a reaction heading into US CPI / FOMC.
Ultimately, losses would need to be limited to 6538 IF price is still heading higher with a breach above 6690 needed to mark uptrend resumption.
Bottom line- threat for an exhaustion low over the next few days- Watch the weekly close here.
Michael Boutros, Sr Technical Strategist
MBForex
Ultimately, losses would need to be limited to 6538 IF price is still heading higher with a breach above 6690 needed to mark uptrend resumption.
Bottom line- threat for an exhaustion low over the next few days- Watch the weekly close here.
Michael Boutros, Sr Technical Strategist
MBForex
Note
That was quick - AUD/USD back at major resistance here on the back of softer-than-expected inflation data today. . Looking for a possible pivot into 6676/90 - this level remains key into the FOMC later today. . Watch today's close.
A topside breach exposes the 2024 high-day close (HDC) at 6761 and the 2023/2024 yearly opens near ~6810.
Support steady at 6580
Michael Boutros, Sr Technical Strategist
MBForex
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.