SELL NOW AUD/USD
AUD USD NOW DOWN TREND STARTED 1.0547 TO 1.0518
The Australian dollar was steady against its U.S. counterpart on Wednesday, trading close to a three-month high, as investors remained cautious ahead of the Federal Reserve's policy statement later in the day.
AUD/USD hit 1.0541 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0535, easing up 0.07%.
The pair was likely to find support at 1.0462, Tuesday's low and resistance at 1.0578, the high of August 10.
Expectations that the Fed will announce more monetary easing measures at the conclusion of its two-day policy meeting later Wednesday continued to weigh on the dollar.
Meanwhile, investors remained cautious as they awaited fresh developments in negotiations to avoid the U.S. fiscal cliff amid concerns that the automatic tax hikes and spending cuts due to take effect in early 2013 could derail the U.S. recovery.
In Australia, the Westpac Banking Corporation said in a report that its index of consumer sentiment deteriorated to minus 4.10 in December from a reading of 5.20 the previous month.
Elsewhere, the Aussie was fractionally higher against the euro withEUR/AUD dipping 0.10%, to hit 1.2342.
Later in the day, the Federal Reserve was to announce the federal funds rate, which was to be accompanied by the bank’s rate statement and followed by a press conference with Chairman Ben Bernanke to discuss the rate decision and the economic outlook.
The U.S. was also to release official data on import prices and crude oil inventories.
AUD/USD hit 1.0541 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0535, easing up 0.07%.
The pair was likely to find support at 1.0462, Tuesday's low and resistance at 1.0578, the high of August 10.
Expectations that the Fed will announce more monetary easing measures at the conclusion of its two-day policy meeting later Wednesday continued to weigh on the dollar.
Meanwhile, investors remained cautious as they awaited fresh developments in negotiations to avoid the U.S. fiscal cliff amid concerns that the automatic tax hikes and spending cuts due to take effect in early 2013 could derail the U.S. recovery.
In Australia, the Westpac Banking Corporation said in a report that its index of consumer sentiment deteriorated to minus 4.10 in December from a reading of 5.20 the previous month.
Elsewhere, the Aussie was fractionally higher against the euro withEUR/AUD dipping 0.10%, to hit 1.2342.
Later in the day, the Federal Reserve was to announce the federal funds rate, which was to be accompanied by the bank’s rate statement and followed by a press conference with Chairman Ben Bernanke to discuss the rate decision and the economic outlook.
The U.S. was also to release official data on import prices and crude oil inventories.
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