AUD/USD: back on the bid post hawkish FOMC minutes

Currently, AUD/USD is trading at 0.7583, up 0.24% on the day, having posted a daily high at 0.7589 and low at 0.7560.

AUD/USD has rallied after an initial offer post the hawkish FOMC minutes where participants judged change to reinvestment policy would 'likely be appropriate' later this year, allowing balance sheet to shrink. at the same time, Fed officials discussed pros and cons of tapering versus ceasing reinvestment's. The other main takeaways from the minutes were that almost all FOMC members see jobs at or near max employment while Fed officials were still divided over how close inflation was to their goal.

AUD/USD levels

From a technical point of view, AUD/USD's near-term outlook is negative, according to analysts at Commerzbank. "The currency pair has accelerated lower to reach the 200 day ma at 0.7552. The intraday Elliott wave counts are negative and indicating that rallies will struggle 0.7575/90. We have the 55 week ma at 0.7523 and the 0.7492 March low," argued the analysts, adding,"this is the break down point to the 2016-2017 uptrend at 0.7260. The market will stay offered below the 0.7627/28 55 and 20 day moving averages."