AUD/USD sees moderate gains after FOMC statement

By FXStreet FXStreet (Mumbai) – The AUD/USD pair strengthened moderately after the US Federal Reserve kept interest rates unchanged for the 55th straight meeting and revised median interest rate forecasts lower.

AUD lags European majors

The Aussie strengthened, but the rise is relatively slower than the one seen in the European majors – EUR and JPY, since the Fed expressed concerns regarding the global economy. Moreover, commodity prices have not been able to gain a significant traction despite Fed holding rates unchanged.

Consequently, the AUD and other commodity currencies are seeing a slower rise compared to the European majors.

AUD/USD Technical Levels

The spot is currently trading around 0.7215; up 0.22% on the day. The immediate resistance is seen at 0.7250 (50-DMA) above which the spot could target a major resistance at 0.7439 (Aug 11 high). On the other side, the support is seen at 0.7200 and 0.7138 (daily low).
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Source:: FX Street