AUD Pulls Back to 50 SMA/Support/Fib Ahead of FOMC

Today is a big FOMC meeting, in which the US Federal Reserve is expected to announce a continuation of tapering as well as additional potential hints as to when a rate hike might come. Technically, I'm seeing some signs of AUD strength across the board, and on AUDUSD, we see price at a trendline, at horizontal support, and right above the 50 SMA and 50% Fibonacci retracement. Targeting the recent highs, this setup offers a nice reward/risk of 3.5.

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