AUD/USD: back on the Aussie CPI fuelled bid post FOMC

AUD/USD is currently in consolidation of the activity of overnight, where the Aussie was volatile on the back of the FOMC. (Video)

FOMC statement contained no great surprises - Westpac

AUD/USD has traded in a range of 0.7420 and 0.7504, settled with a bullish bias in early Asia after the dollar took a beating as markets concluded that the Fed are not in a position to hike categorically speaking from a mixed statement that was less dovish than Junes but left open to mixed interpretations. So focus turned back to yesterday's release of Q2 inflation data with the trimmed CPI in the quarter coming in higher that expectations of 1.5% and at 1.7%. 

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price is hovering around the 20 SMA and the 200 EMA, "The technical indicators head modestly higher above their mid-lines, but with limited upward strength." Further out, the 200 dma at 0.7407 could contain the downside while 0.7600 remains the key upside resistance on the wide.