FxWirePro: AUD/USD lose ground on Fed rate bets, bias is bearish
AUD/USD declined on Monday as demand for greenback increased as recent comments from Federal Reserve raised bets that Federal Reserve will hike interest rate in December. San Francisco Fed President John Williams on Frid…
AUD/USD declined on Monday as demand for greenback increased as recent comments from Federal Reserve raised bets that Federal Reserve will hike interest rate in December.
San Francisco Fed President John Williams on Friday redoubled his call for raising rates soon, while New York Fed President William Dudley said on Oct. 19 that a rate hike was likely this year.
The pair upside is expected to be limited as strong resistance at 0.7710 should limit upside and bring a decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 0.7640, a break above this level would take the pair towards next resistance level at 0.7710.
To the downside, immediate support can be seen at 0.7570, a break below this level will open the door towards next level at 0.7532.
