Aussie at Support ahead of FOMC
Updated
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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