AUD/USD still limited, should SELL?
Hello everyone, it's Darius again. Good day everyone.
In today's session, the AUD/USD pair extended the sideways consolidation trend seen during Tuesday's Asian session and remained confined to the familiar trading range maintained over the past week or so. Spot prices remained stable around the 0.6435-0.6430 area and showed little change after the meeting minutes.
On the other hand, the US Dollar (USD) remains on the defensive below six-month highs reached last week and is seen supporting some AUD/USD pairs.
However, the Fed's hawkish expectations still support higher US Treasury yields and favor a bullish trend in the USD, suggesting that the path of least resistance for spot prices is down. . On the contrary, this suggests that any meaningful upside move could still be seen as a selling opportunity and risk failing quite quickly.
In today's session, the AUD/USD pair extended the sideways consolidation trend seen during Tuesday's Asian session and remained confined to the familiar trading range maintained over the past week or so. Spot prices remained stable around the 0.6435-0.6430 area and showed little change after the meeting minutes.
On the other hand, the US Dollar (USD) remains on the defensive below six-month highs reached last week and is seen supporting some AUD/USD pairs.
However, the Fed's hawkish expectations still support higher US Treasury yields and favor a bullish trend in the USD, suggesting that the path of least resistance for spot prices is down. . On the contrary, this suggests that any meaningful upside move could still be seen as a selling opportunity and risk failing quite quickly.
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good luck traders.
