The AUD/USD pair extended its slide after posting heavy losses on Wednesday and dropped to its lowest level since April 1 at 0.7539 on Thursday before going into a consolidation phase. As of recording this video, the pair is at 0.75491.

The unabated USD strength remained the main market theme following the hawkish shift seen in the FOMC’s updated Summary of Projection, the so-called dot plot. The publication revealed that the number of policymakers who see a lift-off in the fed funds rate from zero in 2023 rose to 13 from seven in March. Following Wednesday’s 1% jump, the US Dollar Index (DXY) preserved its bullish momentum and advanced to its strongest level in more than two months at 92.00 during the American trading hours on Thursday. As of writing, the DXY was up 0.5% on the day at 91.84.

Clearance of near-term support shows some room to move further lower, as discussed in this video by Eric.