The AUD/USD is frothing in the middle range for Wednesday after the US Federal Reserve (Fed) held their policy rates at 5.
The AUD/USD is churning chart paper around 0.6375as markets digest the Fed's rate hold. Fed holds rates steady at 5.25%, Powell says no decisions on future meetings. Next Up: Australian September Trade Balance, US NFP Friday. 25-5.5%, and markets will be turning towards Friday's US Non-Farm Payrolls print. The Aussie rebounded against the US Dollar for the first day of November's trading, lifting from an early low of 0.6318 to tap an intraday high of 0.
Jobs growth is expected to decline but still remain positive for the US, and Friday's NFP is forecast to print at 180K for October compared to September's print of 336K. AUD/USD Technical Outlook The Aussie continues to run into technical resistance near the 0.6400 handle as the 50-day Simple Moving Average acts as a ceiling on price action near 0.6390, and the pair is cycling tightly in the midrange around the 21-day Exponential Moving Average .
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