FxWirePro: AUD/USD gains some ground but outlook is bearish

• AUD/USD gained some traction  on Thursday as markets digested the Fed’s overnight decision and awaited fresh catalyst

• The U.S. Federal Reserve raised rates by 25 basis points, as expected, while also projecting at least one more increase by December. 

•The Fed's hawkish shift only reinforced expectations for further hikes in Australia and New Zealand, along with Japan, the EU and the UK.

•Markets imply an 87% chance the Reserve Bank of Australia will lift its 4.35% cash rate by 25 basis points at its next meeting on September 29, and is almost fully priced for a move to 4.85% by February.

•Meanwhile, traders continued to monitor developments in the Iran-US war and its impact on oil prices.

• Immediate resistance is located at 0.7146(38.2%fib), any close above will push the pair towards 0.7171(SMA 20).

• Support is seen at 0.7080(Higher BB) and break below could take the pair towards 0.7052 (50%fib).

 Recommendation: Good to sell around 0.7150, with stop loss of 0.7200 and target price of 0.7090