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AUD/USD Price Analysis: Posts fresh five-day low near 0.6640

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Fed,Yieldcurve,PBOC

The AUD/USD pair slumps to 0.6640 as the US Dollar exhibits firm footing in Wednesday’s New York session ahead of the release of the Federal Open Market Committee (FOMC) minutes of May’s policy meeting, which will be published later in the day.

AUD/USD refreshes five-day low near 0.6640 amid cautious market mood. Investors await the FOMC minutes to project the next move in the US Dollar. US bond yields rise amid uncertainty over Fed rate cuts in September. The AUD/USD pair slumps to 0.6640 as the US Dollar exhibits firm footing in Wednesday’s New York session ahead of the release of the Fed eral Open Market Committee minutes of May’s policy meeting, which will be published later in the day.

It is worth noting that Australia is the leading trading partner of China and historically higher monetary stimulus by world’s second largest economy improves the outlook of the Australian Dollar. AUD/USD delivers a breakdown of the Rising Channel chart pattern formed on a four-hour timeframe. A breakdown of the above-mentioned pattern suggests an establishment of a bearish reversal.

Source: News Formal (newsformal.com)

Fed Yieldcurve PBOC Supportresistance

 

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