- The dollar continues to trend downward after the Federal Reserve meeting.
- AUD / USD still fails to affirm above 0.7400.
The AUD / USD extended the bullish run and reached 0.7413, the highest level since July 16. The raises continue to be supported by the general weakness of the dollar in the market.
After the Federal Reserve meeting, the dollar began to lose ground on all fronts. This despite the fact that several analysts characterized the statement and the announcements as a “hawkish” bias.. Not even the rise in Treasury yields on Thursday is helping the dollar.
While the market continues to analyze what was left of the Fed, on Thursday they will be known important US economic data which include jobless claims, second quarter GDP growth estimate, and home sales data. Wholesale inflation data will be released in Australia on Friday.
Still not standing on 0.7400
AUD / USD cannot yet affirm above 0.7400 and is trading 0.7390, retracing from the highs. If confirmed above 0.7400, further rises could be expected, the next resistance being at 0.7420 and 0.7445.
To the downside, support looms at 0.7380 and then 0.7340. A confirmation below the latter will put the pair under pressure.
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