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Extending Post-FOMC Gains

AUD

AUD/USD edged lower in the lead-up to Wednesday's FOMC monetary policy decision, as iron ore futures retreated. But the rate bounced after Fed Chair Powell downplayed potential for an imminent rate hike, triggering broad-based greenback sales.

  • The rate has edged higher this morning, as U.S. e-mini futures have extended gains. AUD/USD last trades at $0.7469, 20 pips higher on the day, with bulls looking to a move through the 200-DMA/50% retracement of the Feb - Aug sell-off at $0.7554/57. Conversely, a dip through yesterday's low of $0.7412 would open up Oct 13 low of $0.7324.
  • Australia's monthly trade balance and quarterly retail sales are due shortly, with the RBA's SoMP coming up on Friday.
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