AUD/USD regains poise, set to test 0.7400 ahead of Fed

Having bottomed out near 0.7330 region post-Aus consumer sentiment data, the Aussie gathered pace and rebounded sharply higher towards NY tops as risk sentiment recovered.

AUD/USD wavers near 5-DMA at 0.7371

Currently, the AUD/USD pair trades 0.27% higher at fresh session highs of 0.7380, extending recovery from session lows struck at 0.7334 in early Asia. The Aussie stalled its bearish momentum near Tuesday’s low, as the bulls found fresh impetus from improving risk tone in the markets amid a minor-recovery attempted by the Asian equities.

Earlier on the day, the AUD/USD pair came under fresh selling pressure after the Australian consumer sentiment data disappointed markets. The Westpac-Melbourne Institute Consumer Sentiment Index fell 1% to 102.2 in June after rising 8.5% to a two-and-a-half year high of 103.2 in May.

Later today, the major will get influenced by the USD price-action in wake of a fresh batch of US macro data and the much anticipated FOMC decision.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7390/0.7400 (10-DMA) above which gains could be extended to the next hurdle located at 0.7418/38 (100-DMA/ Jun 10 High). On the flip side, the immediate support located at 0.7307/00 (20-DMA/ round number). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7282 (200-DMA).