Yesterday, the Australian dollar traded in a 60-point range, the boundaries of which were the balance line of the daily timeframe and the support level of 0.7223 - the low on August 27. The price is likely to remain in this range until the US Federal Reserve announces its decision on monetary policy at 17:00 London time.
The business media reported that the Fed will not announce the start of stimulus reduction at today's meeting. We adhere to the same point of view, and therefore we expect the aussie to rise to the first target level of 0.7320 - this is the Fibonacci level of 23.6%, then to 0.7450 - this is the Fibonacci level of 50.0%.
The price is forming a weak convergence with the Marlin Oscillator on the four-hour chart. Major events will take place tonight and tomorrow Thursday.The material has been provided by InstaForex Company - www.instaforex.com