AUD/USD: quiet ahead of the Fed
AUD/USD has found support at $0.9940, but is capped by $0.9515 on the upside. There big moves to come after the Fed announces where it stands on tapering QE (18:00 GMT).
Westpac expects the market to stay very nervous. The specialists think, however, that AUD/USD is trying to build a base in the $0.9450/00 area. However, there still are factors like weak commodity prices and dovish stance of Australian central bank which represent serious obstacles for Aussie’s recovery. There are no important releases in Australian economic calendar in the rest of the week, so the pair’s dynamic will depend on the developments in the US and China (watch the release of HSBC manufacturing PMI tomorrow at 01:45 GMT).
Resistance lies at $0.9560, $0.9620 and $0.9670. Support is at $0.9440, $0.9400 and $0.9325.
Chart. H4 AUD/USD