AUD/USD offered ‘for the nth time’ around 0.75

‘For the nth time’, AUD/USD has been offered around 0.75 handle. The pair did clock a high of 0.7523 on Tuesday, but quickly retraced to 0.75 handle.

Focus on FOMC rate decision

The main event for the day is the FOMC rate decision. A 25 bps rate hike is pretty much a done deal. Today, it’s all about what the Fed intends to do in 2017.

Markets expect the dot plot to show a possibility of two rate hikes in 2017. Three or more rate hikes in 2017 would be read as hawkish and could yield a sell-off in the AUD/USD pair.

AUD/USD Technical Levels

The pair was last seen trading around 0.7484 levels. A break below 0.7476 (previous day’s low) could yield 0.7450 (38.2% of 0.6827-0.7835), under which a major support is seen directly at 0.70 (zero figure). On the other hand, only a daily close above 0.75 (zero figure) would open doors for a sustained move to 0.7558 (Oct 28 low) and 0.76 (zero figure). 

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