AUD/USD jumps to test 2017 highs after FOMC

Matías Salord FXStreet

AUD/USD rose to test 2-year following the release of the FOMC statement. A slide of the greenback pushed the pair to the upside. It reached 0.7975, highest in almost a week and just a few pips below 2017 highs.

The Aussie remains near the 0.8000 area. Since it bottomed at 0.7876 earlier today after inflation data from Australia, it has risen a hundred pips.

The Federal Reserve, as expected kept rates unchanged. The statement contained a few changes. “The Committee expects to begin implementing its balance sheet normalization program relatively soon”, said the Fed. The FOMC signaled that it could announce in September (next meeting) the start date.

Fed leaves policy unchanged, Sep balance sheet announcement likely - ING

The statement contained no major surprises. US bond rose sharply after the statement with the 10-year yield falling from 2.33% to 2.29%.

Levels to watch

To the upside, above 0.7986 (2017 high), the 0.8000 handle would be exposed. Above, resistance level might lie at 0.8030 followed by 0.8070/75 (Apr 2015 high). On the flip side, support could be seen at 0.7945 (Asian session high), 0.7874/76 (Jul 21 & 26 low) and 0.7840 (Jul 14 & 17 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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