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Fedspeak, Oil Rally Support Aussie

AUD

Spillover from the U.S. provided a boost to AUD/USD Wednesday as Fed Chair Powell backed a 25bp rate hike at the March FOMC meeting, while he noted that the was open to deploying 50bp rate hikes moving forward. Furthermore, a continued rally in oil prices lent additional support to the pair.

  • AUD/USD last trades at $0.7292, a touch lower on the day. Bulls look for a clearance of yesterday's/Jan 13 highs of $0.7307/14 before targeting the upper 2.0% 10-DMA envelope at $0.7376. Bears would be pleased by a sell-off past Feb 24 low of $0.7095.
  • Australia's building approvals and trade balance will hit the wires later today, while Chinese Caixin Services PMI will also draw attention.

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