Tradeciety

AUDUSD fighting higher. FOMC dovishness could help.

FX:AUDUSD   Australian Dollar / U.S. Dollar
80 0 2
The Aussie managed to get away from it's major support level below at 0.69 and is has been trading higher slowly but steadily.

Currently, it's dealing with 2 supply zones and every time it's pushing into them, it finds new sellers (zones marked with blue). The daily 21 EMA is also at this area.

On top of that, you find 2 resistance zones (marked in green) which will be additional hurdles. Above that, it should be smooth sailing - if the Aussie can make it that far.

From a fundamental point of view, the more dovish FOMC meeting on Wednesday and the good Aussie numbers should support the temporary bullish phase. However, as soon as China keeps plunging, it's likely to see more bears coming in...

Currently, we consider the Aussie in a no-trade zone. 2 demand levels, the daily MA and 2 resistance levels are not things you want to see during your trades. Like most markets, the Aussie is in a major consolidation and traders are just fighting for a few points here and there - a battle that can't be won.
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