Much like the rest of the G10 FX space, the Australian Dollar has struggled for direction with the recent uptrend beginning to stall at 0.78. Risk sentiment has eased slightly thus pushing the Aussie back to the mid-77s. However, with Fed Chair Powell re-enforcing comments made by the majority of the committee by downplaying talks of tapering QE purchases the threat of spiking higher rates may have cooled for now in the short-term. On the downside, support is situated at 0.7680-0.7700 with a move below opening the doors to 0.7643 (YTD low) making for a more meaningful pullback.
