Today is a big FOMC meeting, in which the US Federal Reserve
is expected to announce a continuation of tapering as well as additional potential hints as to when a rate hike might come. Technically, I'm seeing some signs of AUD strength across the board, and on AUDUSD
, we see price at a trendline
, at horizontal support, and right above the 50 SMA
and 50% Fibonacci retracement
. Targeting the recent highs, this setup offers a nice reward/risk of 3.5.