Aussie(AUDUSD) gets additional buying, resuming its intraday high

The Aussie (AUDUSD) is trading higher over 0.6700, having risen to its highest level in nearly two weeks on Thursday. After the Fed raised interest rates by 25 basis points, as predicted. The Fed’s dovish advice shattered the US Dollar, as did Treasury bond rates.

Aussie Bulls maintain control inside a two-week-old rising wedge, as the 200-SMA adds to the upward filtering.

The Aussie(AUDUSD) continues its post-Fed rally, approaching the intraday high at 0.6730 in early Thursday AM Europe. As a result, the Australian pair continues to rise within a two-week-old rising wedge bearish chart shape.

It’s worth noting, though, that the quote’s successful breach of the last significant resistance line of Aussie from early February, which was at 0.6620 at the time of publication, joins the positive RSI (14) line to keep AUDUSD investors encouraged.

But, the indicated wedge’s top line, which was near 0.6760 at press time, might pose a barrier to the Aussie pair’s immediate upside.

Even if the price clears the 0.6760 barrier, the 200-SMA level of 0.6775 may pose a test to the AUDUSD bulls before ceding control.

A confluence of the 100-SMA and 50-SMA, on the other hand, Short-term strong support looks to be around 0.6675 at the latest.

After that, the indicated wedge’s lower line and the resistance-turned-support between 0.6660 and 0.6620 might delight the bears.

It should be noted that a sustained breach of 0.6660 would confirm the rising wedge bearish chart pattern, with a potential target of 0.6460.Overall, the AUDUSD is expected to continue stronger, although upward potential remains limited.