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AUD/USD is again attempting a break above 0.72, focus on Fed

  • AUD/USD is attempting a break above 0.72 amid broad-based USD selling. 
  • The dollar will likely pick up a strong bid if the Fed sounds less dovish-than-expected. 

Dollar selling ahead of the Fed is pushing AUD/USD higher, the pair, however, is yet to cross the psychological hurdle of 0.72.

Moreover, the Aussie bulls had a go at that level on Tuesday but failed to chew through offers placed just above 0.7203. The pair, therefore, ended up carving out a doji - a sign of indecision in the marketplace.

That said, the falling wedge breakout seen in the 4-hour chart would gain credence if the spot closes today above 0.7203 (yesterday's doji candle), confirming a bullish doji reversal.

The bullish daily close may remain elusive if the Fed leaves investors behind the curve with a less-dovish-than-expected forecast of two rate hikes in 2019. Moreover, the markets are currently assigning just a 30 percent probability of a single rate hike for 2019.

However, the pair could fly high if the central bank drops hints of a rate hike pause in 2019.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7196
    Today Daily change: 15 pips
    Today Daily change %: 0.209%
    Today Daily Open: 0.7181
Trends:
    Previous Daily SMA20: 0.7245
    Previous Daily SMA50: 0.7196
    Previous Daily SMA100: 0.7222
    Previous Daily SMA200: 0.7389
Levels:
    Previous Daily High: 0.7204
    Previous Daily Low: 0.7162
    Previous Weekly High: 0.7247
    Previous Weekly Low: 0.7151
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7188
    Previous Daily Fibonacci 61.8%: 0.7178
    Previous Daily Pivot Point S1: 0.7161
    Previous Daily Pivot Point S2: 0.714
    Previous Daily Pivot Point S3: 0.7119
    Previous Daily Pivot Point R1: 0.7203
    Previous Daily Pivot Point R2: 0.7224
    Previous Daily Pivot Point R3: 0.7245

 

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