Instrument: AUDUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.72563 with take profit at 0.72665.
Bearish Preference:
Sell position is envisaged if price trades below 0.72364 with take profit at 0.72278.
Fundamentals: 7:00pm USD FOMC Economic Projections.
Comment: The Australian Dollar is trading higher early Wednesday after posting a volatile trade the previous session. The price action suggests traders are trying to form a support base ahead of key U.S. Federal Reserve monetary policy decisions later in the session including whether it will announce a timetable for its plans to taper its current massive stimulus.
Analysis: SCRUM Team