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AUD/USD Market Outlook

April 17, 2024
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The Fed's decision will likely shape AUD/USD's path and impact global currency markets in the coming days.

AUD/USD is on an impressive rally, nearing the psychological resistance level of 0.6500. This surge comes as the People's Bank of China (PBOC) maintains its dovish interest rate policy, keeping rates unchanged to counter deflationary risks.

The focus now shifts to the Federal Reserve's (Fed) interest rate decision in the United States, expected to stay in the range of 5.25% to 5.50%. This decision follows falling US inflation rates amidst continued economic resilience.

Recently, AUD/USD rebounded from strong support near 0.6364 and moved above the 20-day Exponential Moving Average (EMA) at 0.6340. The next key resistance is at 0.6522, followed by higher levels at 0.6571 and 0.6616.

If the pair corrects lower, watch for support at 0.6360, followed by 0.6300 and 0.6272.

The Relative Strength Index (RSI) with a period of 14 has surged above 60.0, indicating bullish momentum.

The Fed's decision will likely shape AUD/USD's path and impact global currency markets in the coming days.


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