AUD/USD is now trading just under flat after the FOMC statement and press conference. The price has printed below the hourly chart trendline and could continue to fall. Fundamental backdrop The Fed statement didn’t really give us much to be honest but the USD bears could be disappointed that there has been no indication of more action from the Fed. One main takeaway from the developments at the bank is that some FOMC members do not see rate rising till 2023. This could be longer than some analysts had been anticipating. This could be due to the fact that the Fed stated they will not raise rates until full employment is reached. There were no specifics in terms of what percentage that is. The Fed used to have an inflation target of 2% and now they have explained that they are willing to accept an overshoot. AUD/USD 1-hour chart The price has moved lower recently but the area in which the trendline and support level meet could be strong in the short term. A move higher will only be taken seriously if the double top at 0.7340 is broken. The market has been making higher highs and higher lows but the previous wave low was been broken but only slightly. Both MACD and Relative Strength Index indicators are in a bearish position right now. Having said that, the Relative Strength Index has produced a bullish failure swing. This is when the price makes a higher low but the indicator makes a lower low. This is normally a bullish sign. Something tells me the market will need the dust to settle before deciding on an underlying direction. The Fed had the opportunity to let the public know if more stimulus was coming. Instead, they once again asked for more fiscal stimulus from the government. This could be bullish for the greenback. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Powell speech: Economy has recovered faster than expected over last 60 days FX Street 2 years AUD/USD is now trading just under flat after the FOMC statement and press conference. The price has printed below the hourly chart trendline and could continue to fall. Fundamental backdrop The Fed statement didn't really give us much to be honest but the USD bears could be disappointed that there has been no indication of more action from the Fed. One main takeaway from the developments at the bank is that some FOMC members do not see rate rising till 2023. This could be longer than some analysts had been anticipating. This could be due to the fact that the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.