- AUD/USD is trading in narrow range between 0.7670 and 0.7790 for the past three trading session. Market is expected to take direction from the FOMC meeting which is to be held today.
- The Fed is expected to more hawkish due to recent acceleration in jobs growth and modest pickup in output growth after the sharp slowdown in Q1. It is expected to prepare the market for higher interest rates later this year which will support the US dollar.
- Technically Aussie is facing strong resistance around 0.7780 and break above will extend gains till 0.7820/0.7860.
- On the downside short term weakness only below 0.7670.
It is good to sell on rallies around 0.7760 with SL around 0.7800 for the TP of 0.7680
The material has been provided by InstaForex Company – www.instaforex.com