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    AUD/USD surges on upbeat inflation data ahead of FOMC

    © Dukascopy Bank SA
    "If the statement refers to falls in oil prices and turmoil in financial markets or points to their impact on the outlook for inflation and growth, that could be seen as being dovish and lead to selling pressure against the dollar."
    - Mizuho Securities (based on CNBC) 

    Pair's Outlook 
    The Australian Dollar completely erased its Monday's losses against the US currency yesterday, closing not far above the 0.70 level. Overall, the AUD/USD has been appreciating for more than a week now, thus, a bullish outcome today would not be out of hand. Supply around the 0.7020 level, namely the 20-day SMA, is rather weak, therefore, the Aussie has the potential to reach the weekly R1 at 0.7087 if the Fed is dovish today. Contrariwise, a hawkish statement is likely to push the pair below the immediate support, breaking the recently-formed up-trend. 

    Traders' Sentiment 
    Today 73% of all open positions remain long, while the portion of orders to acquire the Australian currency inched 1% higher, up to 48%.
    © Dukascopy Bank SA

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