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AUD/USD Rallies Above 0.7600, FOMC Next

Key Highlights

  • AUD/USD started a strong increase above the 0.7520 resistance.
  • A key bullish trend line is forming with support near 0.7530 on the 4-hours chart.
  • EUR/USD extended decline below the main 1.0950 support.
  • GBP/USD failed to clear the 1.3200 resistance.

AUD/USD Technical Analysis

The Aussie Dollar remained in a bullish zone above the 0.7400 level against the US Dollar. AUD/USD broke the 0.7500 and 0.7520 resistance levels to start a strong increase.

Looking at the 4-hours chart, the pair extended increase above the 0.7550 level. There was a close above the 0.7600 level, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).

The upward move was such that the pair climbed above 0.7600 and traded to a new multi-week high. On the upside, an immediate resistance is near the 0.7650.

The next major resistance is near the 0.7700 level. Any more gains might send the pair towards the 0.7750 level in the coming sessions.

On the downside, the pair might find support near 0.7580. The main support now sits near the 0.7500 zone. There is also a key bullish trend line forming with support near 0.7530 on the same chart.

Fundamentally, the US ISM Services Index was released yesterday by the Institute for Supply Management (ISM). The market was looking for an increase from 56.5 to 58.0.

The actual result was better than the forecast, as the US ISM Services Index increased from 56.5 to 58.3 in March 2022. Besides, the ISM Services New Orders Index increased from 56.1 to 60.1.

Looking at EUR/USD, the pair seems to be struggling to stay above 1.0880, and GBP/USD failed to gain strength above the 1.3150 resistance zone.

Economic Releases

  • FOMC Meeting Minutes.
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