AUD/USD spikes above 0.7400

AUD/USD jumped above 0.7400 and printed fresh highs for the day as the greenback faces some selling pressure ahead of the Fed decision on monetary policy.

AUD/USD extended gains to above 0.74 and scored its highest level since Friday at 0.7421 in recent dealings. At time of writing, the pair is trading at 0.7411, recording a 0.75% gain on the day.

Investors attention turns to the Federal Reserve statement due at 18:00 GMT, where main focus will be on economic projections and the ‘dot plot’.

AUD/USD levels to watch

In terms of technical levels, next resistances could be found at 0.7420 (Jun 14 high), 0.7447 (50-day SMA) and and 0.7504 (Jun 9 high). On the flip side, supports are seen at 0.7330 (Jun 14 low), 0.7315 (Jun 6 low) and 0.7268 (200-day SMA).