AUD/USD Price Forecast: Sees more upside above three-year high of around 0.7150

💡 DMK Insight

The AUD/USD is stuck around 0.7075, and here’s why that’s crucial right now: With the FOMC minutes dropping later today, traders are on edge. These minutes could reveal the Fed’s stance on interest rates, which directly impacts the USD’s strength. If the minutes hint at a more hawkish approach, expect the AUD to weaken, potentially breaking below key support levels. Conversely, if the tone is dovish, we might see a rally in the Aussie dollar. Also, keep an eye on the Australian employment data tomorrow; strong figures could bolster the AUD, while weak numbers would add to the bearish sentiment. The tight range suggests indecision, but volatility is likely on the horizon. Here’s the flip side: if the market overreacts to the FOMC minutes, we could see a false breakout. Traders should be cautious and watch for price action around 0.7050 and 0.7100, as these levels could dictate the next move. With the current consolidation, it’s a waiting game, but the upcoming data releases could shake things up significantly.