AUDUSD trickles down as Fed signaled further rate hikes.
“Spotlight shined on greenback again as Fed hinted further rate hikes.”
Attention shifted back towards the greenback as investors digest latest signal from the Federal Reserve. Yesterday, Atlanta Fed President Raphael Bostic commented that US policy tightening cycle is still in its early stages. In addition, with Organization of Petroleum Exporting Countries speculated to cut their supply to support oil prices, it may drive global inflation even further.
Quick recap on AUDUSD
AUDUSD threads to the downside as it breaches the lower boundaries of descending channel.
AUDUSD Weekly Technical Analysis
The commodity began to stage a rebound from the downside, albeit momentum remains slacked.
AUDUSD Daily Technical Analysis
Recent price action near the bottom of the channel shows strong selling pressure from the upside.
Trading Idea
ORDER: SELL STOP
ENTRY: 0.6385
STOP LOSS: 0.6435
Target 1: 0.6330
Target 2: 0.6300
ZFX Analyst’s Comment
Recent price action shows substantial selling pressure from the upside which may keep any effort for a recovery at the minimum.
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