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AUDUSD Forecast: FED Monetary Policy Statement Ahead

AUDUSD Forecast: FED Monetary Policy Statement Ahead

Fundamentals:

The event of the week – even the event of the month – is The FED’s interest rate decision and monetary policy statement. I will not dive into the details in this article. I have published my view in EURUSD forecast. You may read the USD fundamentals in this article:

EURUSD Forecast: FED Monetary Policy Statement Ahead

RBA Minutes are released due on Monday. Monetary Policy minutes will give us a better view of the timing of the next rate cuts: July or August.

Aussie traders will be watching house price data and Purchasing Managers Index data for June. But both can have no impact on the intermediate term direction of the pair.

What can help Aussie Bulls?

  • Better China Macroeconomic data.
  • Rising Iron Ore Prices.

Simply: The spread between the interest rates keeps the pair under selling pressure.

Technically:

We have three different FED scenarios and none of them gives us a trend reversal signal. – Neither Long Term nor Intermediate term-

The pair ended the week at 0.68690 – trading in a descending channel –

Looking at the smaller charts, we may see a minor retracement towards 0.69000 – 0.69200.

Here you can find the reason and setup: AUDUSD Technical Overview and Trade Setup

Potential pullbacks towards 0.69200 can be used as a selling opportunity. ( RBA Minutes will guide us)

Our first target is 0.68200.

According to the FED Monetary Statement and FED Scenarios, we may see a retracement at 0.68200 or the price may hit 0.672000.

AUDUSD Harmonic Patterns Trade Setup Daily Chart AUUS160601

We need to see Daily Closing above 0.69500 in order to speak about intermediate-term trend change. However, the upside is cabbed by SMA 100 at 0.70500.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

AUDUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

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