Saturday, April 21, 2018
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AUD/USD: holding just below 0.77 ahead of Fed
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  • The Aussie quiet ahead of Fed’s rate decision.
  • The Australian unemployment rate to follow Fed’s market shakeup.

The AUD/USD is tending to the middle in quiet Asia trading, testing just beneath the 0.7700 but unable to capture higher ground.

The Aussie is drifting on quiet waters in Wednesday’s early session, with Japan off today for the Equinox holiday and the broad markets coiling ahead of the US Fed’s interest rate decision, due at 18:00 GMT later today. The markets have widely priced in an interest rate hike from the Fed, and most traders are awaiting the central bank’s updated projections, with many expecting the Fed to call for four rate hikes this year.

The macro calendar is a quiet affair for the AUD until the Unemployment Rate at 01:30 GMT on Thursday following the Fed bomb. The rate is expected to hold steady at 5.5%, on par with the previous reading.

AUD/USD Levels to consider

The pair is geared to continue dropping to December’s low of 0.7500 if it’s unable to climb over the 0.7740 level, with further support at 0.7680 and resistance at the last swing high on H4 charts at 0.7720.

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