- AUD/USD has displayed a vertical rally as the Fed has slowed the pace of policy tightening further.
- The Aussie asset has shifted above the 61.8% Fibo retracement at around 0.7100.
- Upward-sloping 20-EMA adds to the upside filters.
The AUD/USD pair printed a fresh seven-month high at 0.7145 in the late New York session. The Aussie asset displayed a perpendicular rally after the Federal Reserve (Fed) announced a 25 basis point (bps) interest rate hike to continue tightening monetary policy further to achieve price stability. Fed chair Jerome Powell is denied consideration of cutting rates this year as the central bank has a lot more to do to reach the 2% inflation target.
The US Dollar Index (DXY) is hovering around a fresh nine-month low at 100.64 and is expected to remain in the negative trajectory amid the risk appetite theme underpinned by the market participants.
AUD/USD has scaled above the 61.8% Fibonacci Retracement (placed from April 5 high at 0.7661 to October 13 low at 0.6170) at 0.7095, which supports the upside bias, placed on the daily scale. Upward-sloping 20-period Exponential Moving Average (EMA) at around 0.7000 is acting as major support for the Australian Dollar.
The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the upside momentum has already been triggered.
For further upside, the Aussie asset needs to surpass June 9 high of around 0.7200, which will drive the asset toward June 7 high at 0.7247 followed by June 3 high at 0.7283.
On the contrary, a downside move below the psychological support of 0.7000 will drag the asset toward a 50% Fibo retracement at 0.6916. A slippage below the latter will drag the asset toward January 19 low at 0.6972.
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