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AUD/USD: Recovery post-FOMC capped below 0.7200

FXStreet (Mumbai) - The AUD/USD pair is seen posting moderate gains and struggles below 0.72 handle in the mid-Asian session, extending the overnight recovery mode following FOMC-driven dip.

AUD/USD supported at 0.7170

Currently, the AUD/USD pair trades 0.21% lower at 0.7190, finding it hard to reclaim 0.7200 levels. The Aussie poses a tepid recovery in Asia and consolidates in a narrow range, having witnessed wild swings on the release of the much-awaited Fed decision in the last US session.

Moreover, the Australian dollar remains well bid versus its American counterpart as markets continue to digest the latest comments from RBA Governor Stevens delivered earlier this session.

RBA Stevens told parliament, "More recently, the significant decline in the exchange rate is starting to have more discernible effects on the pattern of spending and production."

On Wednesday, the Aussie spiked to 0.7280 in a knee-jerk reaction to the Fed’s unchanged interest rates decision. However, the impulsive spike was quickly faded and the pair reverted to familiar range above the mid-point of the 0.71 handle.

The Fed kept interest rates unchanged for the 55th straight meeting and revised median interest rate forecasts lower, citing global worries.

AUD/USD Levels to watch

The pair has an immediate resistance at 0.7253 (Aug 25 High) levels, above which gains could be extended to 0.7279 (Sept 17 High) levels. On the flip side, support is seen at 0.7164 (Today’s Low) levels from here it to 0.7133 (Sept 17 Low).

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Analysts at Bank of Tokyo mitsubishi noted that the dollar weakened across the board post-FOMC reflecting the increased risks to already low inflation from external developments causing the Fed to delay hiking.
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