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Daily Financial Market News

Thu, 21 Sep 2017 15:30:00 GMT

AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike

AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike Menu    Search DailyFX Home   Rates   Charts Market News        Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Technical Analysis        Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Calendars        Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS Toggle navigation News News   Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound Bitcoin Prices Under Pressure- Time to Buy? AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike Technical  Analysis Analysis   Technical Analysis Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines Japanese Yen Technical Analysis: Year’s Lows Creep Back Into Focus GBP/USD Approaches Important Long Term Price Zone S&P 500 Bulls Undeterred by Hawkish Fed; Eyes on Slope Resistance Calendars Calendar   Economic Calendar Webinars Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates   Charts   Education Edu   Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS DFX+    Search × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD EUR/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) EUR/USD Steady as Draghi Avoids Mention of Monetary Policy FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed GBP/USD GBP/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News GBP Coiled Ahead of Make-or-Break Brexit Speech SPX Wavers but Holds, VIX Below 10, Pound Ready for Volatility It’s Prime Minister May’s Turn to Charge or Sink GBP/USD USD/JPY USD/JPY Low ------ High ------ View More Note: Low and High figures are for the trading day. News Japanese Yen Technical Analysis: Year’s Lows Creep Back Into Focus USD/JPY Trend: Is This a Long Term Bottom? Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) Gold Gold Low ------ High ------ View More Note: Low and High figures are for the trading day. News DailyFX Morning Digest: US Dollar Getting Much Needed Lift from FOMC US Dollar Bottoming Process May Finally Be Starting Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Oil Oil Low ------ High ------ View More Note: Low and High figures are for the trading day. News Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Gold Price Drop May Resume on Steady FOMC Policy Outlook Crude Oil Prices Remain Bid as Iraq Hints at More OPEC Measures BITCOIN BITCOIN Low ------ High ------ View More Note: Low and High figures are for the trading day. News Bitcoin Prices Under Pressure- Time to Buy? Near-term Setups in EUR/USD, Bitcoin & Ethereum Pound Surges, Bitcoin Plummets Ahead of Pivotal FOMC Meeting View More   More Real-Time News Facebook Twitter Youtube Google + AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike by  David Song, Currency Analyst  Central bank policy, economic indicators, and market events. Connect via: Talking Points: - EUR/USD Defines Near-Term Range as ECB Endorses Improved Outlook. - AUD/USD Breaks Monthly Opening Range as RBA Tames Bets for Imminent Rate Hike. - Sign Up for the DailyFX Trading Webinars for an opportunity to discuss potential trade setups. EUR/USD appears to be defining a near-term range following the Federal Open Market Committee (FOMC) meeting , and the pair may largely consolidate over the remainder of the month as the European Central Bank (ECB) endorses an improved outlook for the monetary union. ECB Vice President Vitor Constancio stuck an improved outlook for the euro-area and stressed that ‘i t’s important to underline that growth has converged, meaning that the rates of growth of all countries are now very close together and that’s the best situation from that point of view since the beginning of the monetary union .’ In addition, President Mario Draghi noted that the financial system now poses fewer risks to the real economy while speaking at a European Systemic Risk Board (ESRB) conference in Frankfurt, and the central bank may ultimately alter the monetary policy outlook at the next meeting on October 26 as ‘t he economic expansion, which accelerated more than expected in the first half of 2017, continues to be solid and broad-based across countries and sectors. ’ In turn, the broader shift in EUR/USD dollar behavior may persist as the Governing Council appears to be moving away from its easing-cycle, but the near-term outlook remains clouded with mixed signals as the Relative Strength Index (RSI) diverges from price. EUR/USD Daily Chart Near-term outlook for EUR/USD remains capped by the 1.2130 (50% retracement) hurdle, but the string of failed attempts to close below the 1.1860 (161.8% expansion) region may continue to foster range-bound conditions. Will retain a constructive outlook for EUR/USD as it appears to be stuck in a continuation pattern, but a break below the 1.1770 (100% expansion) region may spur a move back towards the August-low (1.1662), which largely lines up with the 1.1670 (50% retracement) hurdle. AUD/USD snaps the monthly opening range, with the pair at risk of trading to fresh September lows as the Reserve Bank of Australia (RBA) tames speculation for an imminent rate-hike. It seems as though the RBA will carry the record-low cash rate into 2018 as Governor Philip Lowe warns ‘a rise in global interest rates has no automatic implications for us here in Australia ,’ and the central bank may continue to endorse a wait-and-see approach at the next meeting on October 3 as ‘t he slow growth in wages is putting a strain on household budgets and contributing to low rates of inflation. ’ In turn, AUD/USD stands at risk of facing a near-term correction especially as the FOMC pledges to further normalize monetary policy over the coming months. Keep in mind the broader outlook for AUD/USD remains constructive as it clears the 2016-range, but the advance during the summer months appears to have run its course as price and the Relative Strength Index (RSI) threaten the bullish formations from earlier this year. AUD/USD Daily Chart Chart - Cre ated Using Trading View Series of fails attempts to test the 0.8150 (100% expansion) hurdle brings the downside targets on the radar especially as AUD/USD slips to a fresh monthly-low (0.7918). Close below 0.7930 (50% retracement) raises the risk for a move back towards the 0.7850 (38.2% retraceme nt) to 0.7860 (61.8% expansion) region, with the next area of interest coming in around 0.7720 (23.6% retracement) to 0.7770 (61.8% expansion), the former-resistance zone. Keeping a close eye on the Relative Strength Index (RSI) as it struggles to retain the upward trend from May and flashes a bearish trigger. Click Here for the DailyFX Calendar --- Written by David Song, Currency Analyst To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong. To be added to David's e-mail distribution list, please fol l ow this link . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES Related Articles Previous Articles From daily dollar Related Prev Articles   Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound   Bitcoin Prices Under Pressure- Time to Buy?   FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed   US Dollar Bottoming Process May Finally Be Starting   Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome   Crude Oil Prices Remain Bid as Iraq Hints at More OPEC Measures   NZD/USD Bearish Sequence Vulnerable to Lackluster U.S. Retail Sales   EUR/USD to Pare Losses on Lackluster U.S. Consumer Price Index (CPI)   USD/CAD Risks Larger Correction as RSI Divergence Takes Shape   USD/JPY Snaps Bearish Sequence as U.S. Extends Debt-Limit Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous

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