fundamental News - AUD/USD

The Australian Dollar is trading flat early Wednesday after being pressured the previous session by rising U.S. Treasury yields that drove up the appeal of the U.S. Dollar. The catalyst continued to be surging bets on a faster taper rate by the Federal Reserve and a sooner-than-expected rate hike.


This week’s selling pressure is also being fueled by the renomination of Fed Chair Jerome Powell for a second term, who is perceived by market participants to be a hawk at this time in the interest rate cycle.

Technical Analysis
The main trend is down according to the daily swing chart. A trade through the weekly 100-SMA at 0.72066 will signal a resumption of the downtrend. A move through the 4-hourly 200-SMA 0.73926 will change the main trend to up.

The direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to 0.72371 the 4-hourly 20-SMA.

expectation today: neutral


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