AUD/USD ticking steadily near 0.7200 as weak commodites hamper Aussie

• The Aussie continues to see little momentum near the 0.7200 handle.
• Broader markets are awaiting the FOMC’s next showing, leaving the RBA already forgotten.

AUD/USD continues to trade near 0.7200,   though a late spike for the US Dollar at the tail-end of Tuesday’s trading knocked the pair into the  downside of the key level, though overall action remains tight as broader markets coil up ahead of the US Federal Reserve’s last rate hike for 2018.

Wednesday’s early Pacific session sees no data for the Aussie, and the AUD can be expected to continue trading weakly, with the majority of commodities remaining soft amidst fears of a global economic slowdown. With Christmas holidays right around the corner, market volumes are also shedding rapidly, and market patterns could begin to get wobbly as market participants cash out for the holidays.

This week’s key event is the FOMC’s monetary statement due during Wednesday’s US session, and with the Fed expected to undergo one last rate hike for 2018, markets are largely focused on the FOMC’s policy statement, where investors will be looking for insight into how dovish the Fed has turned, and whether or not the Fed has fallen off of their planned 3 rate hikes for 2019.

AUD/USD Technical Levels