AUD/USD stuck in a tight range below 50-DMA
|The AUD/USD pair dropped to a new weekly low at 0.7603 during the opening hours of the NA session but couldn't extend the fall. As the market thins out waiting for the outcome of the healthcare bill vote, the US dollar index is moving in a tight range around 99.50.
All eyes on the vote
Although the latest headlines suggest that there aren't enough votes to pass the bill, we are yet to see a market reaction. The final vote is scheduled to take place at 19:30 GMT but the results are expected just minutes before the closing bell in New York, and the participants might choose to stay on the sidelines until then.
Republicans in Congress said they lacked the votes needed for passage - RTRS
Furthermore, major US equity indices are painting a mixed picture, reflecting the cautious mood among the investors. As of writing, the Dow Jones Industrial Average (DJIA) dropped 42-points to 20,614, while the S&P 500 Index added 4-points to 2,342. Comments from several FOMC members were also ignored during the session.
Fed’s Williams talks about risks of running policy too hot for too long
Economy can afford a little less accommodation - Fed's Dudley
Technical outlook
At the moment, the AUD/USD is losing 0.03% at 0.7625 and facing the first resistance at 0.7635 (50-DMA) followed by 0.7670 (Mar. 23 high) and 0.7750 (Mar. 21 high). On the downside, a break below 0.7603/00 (daily low/psychological level) could aim for 0.7555 (Mar. 15 low) and 0.7515 (100-DMA).
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