AUD/USD drops to 0.6516 before recovering, trading around 0.6500-0.6540 after Fed's "hawkish" hold.
Fed acknowledges inflation progress but remains cautious, strengthening the US Dollar.
Key resistance at 0.6524, 0.6532, and 0.6541 (50, 100, 200-hour SMAs); support below 0.6500 with potential to test 0.6479 and 0.6450 levels.
The AUD/USD extended its losses and tumbled after the Federal Reserve, despite holding rates unchanged, resisted lowering borrowing costs. Officials recognized the progress on inflation but are not fully confident in beginning the easing policy. The pair trades at around 0.6500-0.6540 down ahead of Fed Chair Powell's press conference.
AUD/USD pressures to 0.6500; will Powell push prices lower?
Powell and Co. delivered a “hawkish” hold, even though they made some changes to the monetary policy statement. Nevertheless, stating that “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent” strengthened the US Dollar, which has trimmed some of its losses
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