The Australian Dollar versus the US Dollar has been experiencing some back and forth movement in the early hours of Wednesday. Traders are keeping an eye on the upcoming CPI numbers in America and the FOMC decision later in the day. The market appears to be quite noisy as it is stuck in a longer term triangle pattern and has been fluctuating around various moving averages recently.
Currently, the 0.6650 level is acting as a key price point, with the 0.67 level coming into focus next. On the downside, the 200 day EMA is hovering around the 0.6580 level and is on the rise. If there is a break below this level, the pair could potentially drop down to 0.645 level. Overall, the market seems to be directionless at the moment, with traders waiting for more clarity on future price movements.