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  |   Technicals


FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

AUD/USD was trading 0.17% higher on the day at 0.6640 at around 09:20 GMT.

The pair has formed a spinning top at lows, raising scope for upside.

DXY extended gains after the Federal Reserve raised interest rates and struck a more hawkish tone than expected in its latest meeting.

The Federal Reserve on Wednesday raised interest rates by 75 basis points, as expected.

Chairman Jerome Powell warned that the bank will keep hiking rates at a sharp clip, even risking pressure on economic growth and the labor market, as it struggles to rein in runaway inflation.

The hawkish comments cemented expectations that U.S. interest rates will end the year well above 4% - their highest level in over 14 years, boosting the dollar across the board.

Further, signs of a potential escalation in the Russia-Ukraine conflict kept markets mood sour, dented the antipodeans.

Technical bias is bearish. GMMA indicator shows major and minor trend are bearish. Momentum is bearish, volatility is high and rising. 

The major has refreshed 2-year lows, further downside on cards. 

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