AUD/USD: Poised To Retest 0.8124, Two-Year High

The Aussie gained momentum after breaching the 0.8030 region against the greenback and is now trading around a daily high of 0.8062 at time of writing.

There was no certain catalyst behind the current advance, and in fact, data coming from Australia earlier Wednesday was disappointing as the Westpac Leading Index for August came in at -0.1 percent from previous 0.1 percent.

The greenback is being dumped ahead of the Fed's monetary policy announcement, although, beyond commodity-related currencies, major pairs are little changed from Tuesday's closes. The pair is sharply up for a second consecutive day, aiming to retest the 2-year high set earlier this month at 0.8124 with a firm upward momentum in the daily and intraday charts.

In the four-hour chart, the price is extending above a now bullish 20-day simple moving average while technical indicators accelerated north, currently at fresh weekly highs, supporting an upward extension for the upcoming hours. Any upcoming direction will depend on how the market reacts to the Fed's upcoming announcement later Wednesday.

Support levels: 0.8030 0.8000 0.7970

Resistance levels: 0.8090 0.8125 0.8155

View Live Chart for the AUD/USD

Posted In: ForexMarketsFXStreet
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