- AUD/USD: picking up a bid on weakness in dollar turning from daily highs
- AUD/USD: markets awaiting Trump's Iran announcements at 1800GMT
AUD/USD spiked up towards the hourly 10-SMA while the dollar comes off a little from highs on the 93 handle at 93.2800. Currently, AUD/USD is trading at 0.7456, down -0.82% on the day, having posted a daily high at 0.7545 and low at 0.7434.
AUD/USD dropped to a fresh eleven-month low of 0.7454 during the European morning. The dollar has been in demand following Powell's hawkish speech and before Trump makes his announcements over the nuclear deal on Iran at 1800GMT.
Noise moving markets
The US Federal Reserve chairman Jerome Powell warned today that some investors may not be well positioned for anticipated US interest rate hikes, triggering US Dollar appreciation.
Trump seems intent on withdrawing from the deal and seeks to put in a strategy to confront the regimes hostile actions and to ensure Iran never acquires a nuclear weapon. However, it is unclear as to what he will announce today, but the markets are running with a staggered exit from the plan. However, if the US does pull out, the deal will not implode as there are a number of nations involved in the deal.
- WTI drops hard on Iran noise, Trump to allow sanctions to go forward
- BREAKING: Trump has told French President Macron that the U.S. will withdraw from the nuclear deal with Iran, source says - NY Times
- Trump tells Macron he will leave Iran nuclear deal - NYT
There was a 0.7492-0.7527 range in Asia while 0.7473 was last week's low after Australia's budget forecasts that came with an early return to surplus and cuts to the personal taxes in the budget.
The price has been capped by the descending 10-D SMA and AUD/USD continues to trade below the monthly and daily trend line. The price has been failing on previous upside attempts with fading at play and technicals remain bearish with the monthly RSI biased down. 0.7420 is the key bearish target in the near term while, on the wide, a break higher and through the rising 200-D SMA on the 0.78 handle, 0.7910 will be in focus
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