TOWARDS THE FOMC MEETING MINUTES: AUD/USD Concerns

  • Bulls are likely to remain capped ahead of today’s FOMC minutes.

The AUD/USD pair climbed to one-week tops in the last few hours, with bulls making a fresh attempt to make it through the 0.6800 round figure mark (H4 Resistance Level).

The pair built on the previous session’s modest uptick and continued gaining positive traction for the second consecutive day on Tuesday. US Dollar price action despite a goodish pickup in the US Treasury bond yields, the greenback failed to attract any meaningful buying interest and was seen as one of the key factors driving the pair higher.

This coupled with the prevalent risk-on mood, as depicted by a positive trading sentiment around equity markets, provided an additional boost to perceived riskier currencies – like the Aussie – and remained supportive of the ongoing positive momentum, albeit persistent US-China trade tensions might keep a lid on any runaway rally for the major.

Investors and speculators might also be reluctant to place any aggressive bullish bets, rather prefer to wait on the sidelines ahead of Today’s important release of the latest FOMC meeting minutes – during the US trading session Time Will be 9:00 PM EAT. Hence, it will be prudent to wait for a strong follow-through buying before positioning for any further near-term appreciating move.

On the technical side, we see signs of a bullish uptrend from a range that will break a few hours from now and the FOMC is more likely to pioneer further upside move.

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