PERTH: The Australian dollar fell back in red against its US counterpart in Asia, with AUD/USD back below 0.80 handle, largely on the back of an extended recovery seen in the greenback supported by the latest FOMC statement which came out slightly less dovish than anticipated.
Currently, the AUD/USD dropped nearly -0.24% and trades at 0.7989, having posted fresh session lows at 0.7983. AUD/USD keeps losses as the US dollar remains broadly lifted after FOMC statement reveal that the slowdown in the growth in the Q1 is transitory and a rebound is expected in the Q2 while keeping the rate-hike stance intact.
The Aussie strengthened on Wednesday and broke above 0.80 handle as the US dollar was heavily sold-off as markets expected delay in Fed rate hike timing given the latest dismal US GDP figures ahead of FOMC decision.
On the macro economic front, markets now focus on a host of crucial US data which may provide fresh cues on further USD moves.
The pair has an immediate resistance at 0.8022 (Today’s High) levels, above which gains could be extended to 0.8076 (April 29 High) levels. On the flip side, support is seen at 0.7950 levels from here it to 0.7900 levels.
