Aussie Dollar holds above 0.7000 as Fed and RBA, inflation tests loom
The Australian Dollar consolidates for the fourth straight day versus the US Dollar, yet registers modest gains of 0.11%, as price action shifts to choppy ahead of the Federal Reserve’s monetary policy decision.
The Australian Dollar remains stable against the US Dollar, gaining a modest 0.11% as traders watch the Federal Reserve's decision. On the US front, economic data such as the Conference Board Consumer Confidence and durable goods orders have not significantly moved markets. Focus now lies on the Federal Reserve's meeting and the release of the Core Personal Consumption Expenditures (PCE) Price Index.
In Australia, the Reserve Bank of Australia (RBA) Governor Michele Bullock will speak, and the September CPI will be released. If the trimmed mean reading is higher than 0.3% month-over-month, it could signal more rate hikes. The AUD/USD is trading at 0.7024, near a bearish near-term bias, with the US Dollar Index (DXY) up 0.36% to 102.16.
Key support and resistance levels for AUD/USD are identified, with traders watching for a decisive move above 0.7070/0.7110.
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