Bullish Momentum Amidst Key Level for AUDUSD
The upcoming Federal Reserve announcement on Wednesday is expected to have a major impact on the Australian dollar's trajectory. Consequently, trading over the next 24 hours might be challenging, as market participants await the Fed's decision on interest rates.
. An exceptionally hawkish statement from the Federal Reserve may exert downward pressure on the Australian dollar. In such a scenario, breaking below the 50-Day Exponential Moving Average could potentially lead to a move towards the 0.67 level, and possibly even the 0.66 level. Traders are closely monitoring volatility in the market, given the Australian dollar's sensitivity to global events. Being a commodity currency, the Australian dollar is closely tied to the performance of China, a major consumer of its raw commodities. Signs of deceleration in China's economy may also impact the Australian dollar's trajectory.While this level holds psychological significance, its impact on the market may be limited due to previous breaches.
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