The Australian dollar stays stable in advance of the FOMC meeting. The meeting is scheduled for this week. This will be one of the key factors driving the currency market in general and the market of AUDUSD in particular. Glen Steven's speech will be another major driver.
At the same time, some experts assume that the Australian Dollar isn’t overpriced and is not a reason to be concerned. Investors are said to be losing interest in the Australian Dollar. According to Greg Gibbs of Royal Bank of Scotland , the US Dollar is currently the major driver in the currency market. This means that all other major currencies are in equal market conditions.
According to Masterforex-V Academy, the Australian Dollar keeps retracing from the recent rally against the US Dollar. The experts report that AUDUSD is forming wave a downswing represented by wave A/B of H8.
A further downswing will probably have difficulty overcoming 0.9425 and 0.9332. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.9621 (as shown below).
