Fri, May 07, 2021 @ 13:30 GMT
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AUD/USD Outlook: Aussie Holds In Red And Attacks Again Pivotal Support Zone Ahead Of Fed

The Australian dollar holds in red on Wednesday and attacks again key supports at 0.6830 zone (daily cloud base / broken Fibo 38.2% of 0.7080/0.6677) which contained Tuesday’s spike to 0.6830.

Fresh weakness signals again reversal after double Doji (Monday’s with long upper shadow and Tuesday’s with long tail) which showed strong indecision.

Pullback needs firm break below 0.6830/15 pivots for confirmation, with weakening daily momentum and RSI / stochastic, supporting the notion.

Fed’s decision is in focus for fresh direction signals, as less dovish tone from the central bank is expected to inflate the greenback and increase pressure on the pair.

On the other side, the Aussie may receive fresh support if Fed signals further rate cuts.

Res: 0.6854, 0.6869, 0.6897, 0.6927
Sup: 0.6826, 0.6815, 0.6802, 0.6766

Windsor Brokers Ltd
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