$AUDUSD Forex Signal: FOMC Minutes to Reinforce Bearish View FOMC fomc minutes fomc meeting forexsignals TradingSignals
It declined to the psychologically important level of 0.6850, which was slightly lower than the year-to-date high of 0.6926.The RBA published its minutes for this month’s meeting on Tuesday and maintained its hawkish view of the economy. The minutes showed that the committee is still concerned about inflation. As such, they vowed that they will continue hiking interest rates in the coming meetings. Analysts are penciling-in three more hikes this year.
In its first meeting of the year, the Fed decided to hike rates by 0.25%, the smallest increase in seven meetings. It also pointed to more rate hikes. In separate reports, analysts at Bank of America, Goldman Sachs, and Citigroup pointed to rate increases through June. Most importantly, it seems like it has formed an inverted head and shoulders pattern, with the left shoulder being at 0.6685. Therefore, the pair will likely continue falling as sellers target the right shoulder, which will fall at 0.6685.The AUD/USD pair has been in a bearish trend in the past few days after the bulls failed to push it above the resistance at 0.7030. On the 4H chart, it has moved below the Ichimoku cloud and the 50-period moving average.
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