AUD/USD Hot Forecast, 17 June

  • AUD/USD struggled to capitalize on upbeat aussie jobs report-led intraday positive move.
  • The USD added to the post-FOMC strong gains and prompted fresh selling around the pair.
  • Technical selling below the 0.7600 mark further contributed to the steep intraday decline.

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The AUD/USD pair continued losing ground through the early North American session and dived to the lowest level since early April, around the 0.7560 region in the last hour.

The pair witnessed a dramatic turnaround on Thursday and fell nearly 80 pips from the intraday swing highs, around the 0.7645 region touched in reaction to the blowout Australian jobs report. The sharp fall for the third consecutive day was sponsored by strong follow-through US dollar buying interest.

The Fed surprised markets with a hawkish turn and signalled that it might raise interest rates at a much faster pace than anticipated previously. The so-called dot plot pointed to two hikes by the end of 2023 and triggered a massive rally in the USD, pushing it to the highest level since April 13.

We can spot 2 POC zones. The first one is close to 0.7650 and it is also supported by the order block. Another one is higher 0.7730-50 and we could see a rejection if the price gets there. There is also a trend line supporting the move down. Targets are 0.7620 and 0.7590. Bullish move resumes if the price closes above 0.7795.

The material has been provided by InstaForex Company - www.instaforex.com

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