The Australian dollar has rallied a bit during the trading session on Wednesday as we await the Federal Reserve decision and it is reaction to the economy. Quite frankly, a lot of people are looking for some type of “sugar rush” when it comes to cheap money coming out of the Federal Reserve, so at this point it is likely that we are going to see a lot of volatility, especially as the Federal Reserve statement comes out. Furthermore, we also have the press conference afterwards, which of course could cause some issues and volatility. Having said that, the Australian dollar has run into a significant amount of noise though, but as you can see the 0.74 level has caused significant resistance.
Underneath, the 50 day EMA has recently crossed the 0.71 level, which is the beginning of massive support down to the 0.70 level. It is not until we break down below there that I would be somewhat concerned about the Australian dollar, and of course it is being influenced heavily by the Chinese economy which seems to be picking up. The shooting star from the previous session of course does suggest there is going to be further downward pressure, but given enough time we will need to see some type of clarity to put a lot of money into this market, but right now the one thing that should be abundantly clear is that we are in an uptrend. Dips continue to be buying opportunities as long as China remains healthy and strong. #AUD/USD##FX#
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