Forex
AUD/USD Tests Key Uptrend Support Ahead of Fed Rate Decision
AUD/USD has been in decline since reaching its September high, falling over 1.7% and testing key uptrend support.
This downturn has left bulls vulnerable as daily momentum has fallen below neutral territory for the first time since July.
The upcoming FOMC rate decision tomorrow will be a crucial catalyst for the next reaction in AUD/USD, with markets largely pricing in a rate hike following last week's inflation data.
A break lower would strengthen the case for a deeper correction, while a recovery through near-term resistance at 7167-72 would ease immediate downside pressure.