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Instrument: AUDUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.77825 with take profit at 0.77938.
Bearish Preference:
Sell position is envisaged if price trades below 0.77680 with take profit at 0.77564.
Fundamentals:
2:45pm USD Flash Manufacturing PMI
Comment: The Australian dollar came under pressure Wednesday as FOMC minutes mentioned tapering of asset purchases, specifically the fact that multiple FOMC participants believe taper talk should take place over the next few meetings. Markets reacted immediately, with the US dollar catching an immediate bid on the news. Any significant strength in the Greenback may be enough to see AUD/USD break below the neckline of a head and shoulders (H&S) pattern that has been forming since late April.
Analysis: SCRUM Team
