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
Today Last Price: 0.7196
Today Daily change: 15 pips
Today Daily change %: 0.209%
Today Daily Open: 0.7181
Previous Daily SMA20: 0.7245
Previous Daily SMA50: 0.7196
Previous Daily SMA100: 0.7222
Previous Daily SMA200: 0.7389
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