Buy position is envisaged if price trades above 93.307 with take profit at 93.655
Sell position is envisaged if price trades below 92.626 with take profit at 92.301
No major fundamental
Most Asian currencies were muted on Wednesday as weaker-than-expected economic prints from China and Australia soured sentiment towards the region, while anticipation of an upcoming Federal Reserve meeting also weighed. The Australian dollar was flat as the country’s economy barely grew in the first quarter, amid pressure from high interest rates and inflation. But the Aussie took some support from comments by Reserve Bank Governor Philip Lowe, who reiterated that local interest rates may need to rise further in order to curb overheated inflation. The RBA had hiked interest rates again on Tuesday, bringing them above 4% for the first time in 12 years.
Analysis: SCRUM Team