AUD/USD Outlook (23rd May 2019)

• FOMC Meeting Minutes
  
• AUD/USD moving towards support level
  

Price Movement
Since yesterday, AUD/USD moved up by around 25pips before moving back down by around 25pips.

Trend
AUD/USD is trending downwards.

Important Issue
This morning, the Federal Reserve released the minutes for the April 30th/May 1st meeting.
The Fed is seen to be more cautious in regards to future interest rate adjustments through the following statements mentioned in the minutes:

"In light of global economic and financial developments as well as muted inflation pressures,
participants generally agreed that a patient approach to determining future adjustments to the
target range for the federal funds rate remained appropriate. Participants noted that even if
global economic and financial conditions continued to improve, a patient approach would likely
remain warranted, especially in an environment of continued moderate economic growth and
muted inflation pressures."

Technical
AUD/USD is moving towards the support level of 0.68550.

Price Levels
Current Price: 0.68697
Next Resistance: 0.69573
Next Support: 0.68550