FxWirePro: AUD/USD runs out of steam but maintains bullish outlook
AUD/USD inched higher on Thursday as demand for commodity related currencies picked up one day after the U.S. Federal Reserve decided to keep interest rates unchanged. The Fed on Wednesday signaled an increasingly cautio…
AUD/USD inched higher on Thursday as demand for commodity related currencies picked up one day after the U.S. Federal Reserve decided to keep interest rates unchanged.
The Fed on Wednesday signaled an increasingly cautious approach to future U.S. rate increases, sparking a rally in commodity related currencies.
Further, down is expected to be limited as the pair finds strong support at 0.7593 which should limit downside and bring rebound back to higher levels.
To the upside, the strong resistance can be seen at 0.7733, a break above this level would take the pair towards next resistance level at 0.7759
To the downside, immediate support can be seen at 0.7593 a break below this level will open the door towards next level at 0.7553.
