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AUD/USD remains in the bearish camp

FXStreet (Guatemala) - AUD/USD is trading at 0.8616, up 0.03% on the day, having posted a daily high at 0.8624 and low at 0.8612.

AUD/USD has remained around the 0.8620 support level since the FOMC and is sluggish. The pair had been suffering on recent comments from Stevens and his dovish outlook on rates that are to stay low for years to come.

MEanwhile, however, the FOMC minutes didn’t give us anything new although there are members of the committee that suggest that they are concerned for low inflation or at least a shift in longer term inflation expectations. This sees US yields slightly lower and should dampen the greenback in the long run.

Technically, the pair remains in bearish territory though and brings the 0.8600 under threat, however, RSI moves into oversold territory and a period of consolidation ahead of this psychological figure is taking effect. Beyond the 0.86 handle, 0.8580/50 comes with congestion into July 2010 territory.

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