The FOMC statement was more dovish than expected and while the bearish USD trend looks to be stalling against the GBP and the NZD, other major pairs like USD/JPY and EUR/USD remain in sideways consolidation. EUR/USD would need to break above 1.1550 and USD/JPY below 116.00 before the USD bulls will start getting really worried.

I’m sticking with my contrarian long AUD/USD position but with the AUD struggling against the GBP and NZD for now, I may have to remain very patient.