AUD/USD Outlook (20th June 2019)

• FOMC
  
• AUD/USD testing resistance level
  

Price Movement
Since yesterday, AUD/USD moved down by around 20 pips before moving back up by around 40pips.

Trend
Overall, AUD/USD is trending downwards.

Important Issue
This morning, the U.S. FOMC kept the target range for interest rate unchanged at 2.25% to 2.5%.

In the FOMC Statement, the Committee finds that inflation nearing 2% is still a likely outcome, although they also mention that “uncertainties about this outlook have increased”.

From the FOMC Economic Projections, the Federal Reserve does not expect any rate cuts in 2019 as the central bank’s median target for the interest rate remains at 2.4% for 2019, unchanged from its March projection.
However, the June’s projections projected a lower median target of 2.1% for 2020, hinting at possible rate cut(s) in 2020.

Technical
AUD/USD is testing the resistance level of 0.69100.

Price Levels
Current Price: 0.68920
Next Resistance: 0.69100
Next Support: 0.68000