- AUD/USD halts FOMC-led gains, trades 0.24% lower on the day.
- Less hawkish FOMC outcome induced broad-based US dollar weakness, AUD/USD hit session highs of 0.7783.
- The pair failed to extend gains as Aussie dampened by a big miss in Australian employment figures released earlier today.
- Data released by Australia Bureau of Statistics showed Australia unemployment rate ticked higher to 5.6 percent in February even as the economy added 17.500 jobs.
- Technical studies are also bearish. But bullish divergence on RSI and Stochs keeps scope for upside in the pair.
- 20-DMA at 0.7791 is immediate resistance. Break above could see test of 200-DMA at 0.7805.
- On the flipside, 5-DMA at 0.7724 is immediate support. We see weakness on break below.
Recommendation: Watch out for break below 5-DMA for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -13.1439 (Neutral), while Hourly USD Spot Index was at -66.6124 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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