Aussie stands at the back foot on risk aversion and expectations for aggressive Fed Aussies falls to the lowest since June 2020 on Wednesday, under fresh pressure from stronger dollar as geopolitical situation is worsening and traders migrate into safety and lower prices of commodities.
Daily techs maintain negative momentum and moving averages are if full bearish setup, underpinning negative stance.
All eyes are on Fed, with widely expected 75 basis points hike to maintain dollar’s strength, but more hawkish than expected central bank’s stance would accelerate larger bears through June 2020 low at 0.6647 and risk extension towards 0.6463 (Fibo 61.8% of 0.5509/0.8007 rally).
Res: 0.6700; 0.6746; 0.6770; 0.6790.
Sup: 0.6654; 0.6616; 0.6465; 0.6463.
