"There's a degree of hope the Fed will announce stimulus measures tonight and that's been undermining the dollar. If the Fed were to implement additional easing, it's more likely to be modest steps."
- Bank of Tokyo- Mitsubishi UFJ Ltd. (based on Bloomberg)
AUD edges higher against the greenback as the major market players expect the FOMC to announce new economic stimulus measures for the US economy. Thus, if AUD/USD to keep bullish impetus, 1.0212 (R1 Weekly; Upper Bollinger band) is going to be the first target for bulls, followed by 1.0283/312 (200-day ma; R2 Weekly) and 1.0493 (R3 Weekly) in case the pair moves higher.
Sentiment on the market is moderately positive with 61% of Dukascopy traders betting on the uptrend of the pair and 39%, hoping for the pair to commit a bearish reversal. Within 100-pip range from the latest market price, 66% of currency traders anticipate further rally of AUD/USD.