AUD/USD PRICE OUTLOOK: AUSTRALIAN DOLLAR CLIMBS AGAINST USD AHEAD OF FOMC DECISION
AUD/USD is buying and selling on its entrance foot to this point this Tuesday with spot costs greater by about 0.2% intraday. The Australian Greenback is strengthening broadly on the again of strong financial knowledge out of China, which might encourage wait-and-see RBA coverage.
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AUD/USD PRICE CHART: DAILY TIME FRAME (20 MAY TO 15 SEP 2020)
Good points notched by spot AUD/USD since bouncing off the 0.7200-price degree final week highlights this confluent zone of resistance-turned-support. Additionally, the Aussie-Greenback continues to typically maintain its positively sloped 20-day shifting common, which might assist maintain the broader bullish development. This brings potential for a retest of technical resistance underpinned by the 31 August swing excessive on the 0.7400-handle into focus.
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Sep 17
( 16:09 GMT )
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AUD/USD PRICE CHART WITH VIX INDEX OVERLAID: DAILY TIME FRAME (DEC 2019 TO SEP 2020)
The Australian Greenback would possibly stay in favor relative to its safe-haven USD peer as long as dealer danger urge for food stays intact and anticipated market volatility stays comparatively subdued. AUD/USD worth motion might face headwinds, nonetheless, if sentiment sours and causes the S&P 500 VIX Index to rise materially.
| Change in | Longs | Shorts | OI |
| Every day | 2% | -4% | -1% |
| Weekly | -3% | 5% | 1% |
Nonetheless, the following route of AUD/USD stands to be strong-armed by the upcoming Federal Reserve rate of interest choice. The FOMC choice is scheduled to cross market wires this Wednesday, 16 September at 18:00 GMT, which will likely be accompanied by up to date financial projections and follow-up press convention spearheaded by Fed Chair Jerome Powell.
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— Written by Wealthy Dvorak, Analyst for DailyFX.com
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