AUD/USD stays in upper-half of daily range above 0.7150 ahead of Fed speaks
- Trade optimism helps AUD gather strength.
- US Dollar Index stays in a tight range below 96.
- Coming up: FOMC members Bostic, Evans, Rosengren speeches and FOMC meeting minutes.
The AUD/USD pair, which closed the previous five days in the positive territory, pushed higher on Wednesday and touched its highest level since December 19 at 0.7170 as the optimism surrounding the U.S. - China trade talks boosted the demand for the trade-sensitive AUD. As of writing, the pair was trading at 0.7165, adding 0.35% on a daily basis.
On the other hand, following its modest recovery, the US Dollar Index has gone into a consolidation phase ahead of the day's key events. In the first half of the NA session, FOMC members Bostice, Evans, and Rosengren will be delivering speeches. Later in the day, the FOMC will publish the minutes of its December meeting. Earlier today, Saint Louis Fed President Bullard argued that the rates were in the right place at the moment and the Fed could trigger a recession if it continued to tighten. At the moment, the DXY is down 0.1% on the day at 95.82.
Previewing the FOMC minutes, “We will look for differences in the FOMC members' views on the economy and markets, especially after indications last week that the Fed may go about its monetary tightening more gradually," Danske Bank analysts said in a recently published report.
Key technical levels
Today Last Price: 0.7164
Today Daily change: 25 pips
Today Daily change %: 0.350%
Today Daily Open: 0.7139
Previous Daily SMA20: 0.7099
Previous Daily SMA50: 0.7187
Previous Daily SMA100: 0.7181
Previous Daily SMA200: 0.7338
Previous Daily High: 0.7151
Previous Daily Low: 0.7116
Previous Weekly High: 0.7125
Previous Weekly Low: 0.6684
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7129
Previous Daily Fibonacci 61.8%: 0.7138
Previous Daily Pivot Point S1: 0.712
Previous Daily Pivot Point S2: 0.71
Previous Daily Pivot Point S3: 0.7085
Previous Daily Pivot Point R1: 0.7155
Previous Daily Pivot Point R2: 0.717
Previous Daily Pivot Point R3: 0.719