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AUD/USD holds above 20-day EMA as Fed rate-hike fears ease

FXStreet said AUD/USD was at about 0.7073, with support near the 20-day EMA around 0.7045 and the next upside hurdle at 0.7129.

Reported · Written up by our desk · Major Pairs

FXStreet reports the Australian dollar traded softer versus the US dollar on Wednesday, with AUD/USD down about 0.17% to around 0.7070 during the European session.

The outlet attributed AUD’s selling pressure in part to expectations around further Reserve Bank of Australia monetary policy tightening, even as RBA Deputy Governor Andrew Hauser kept the door open for additional hikes.

Meanwhile, the US dollar also eased as concerns over a September Federal Reserve rate hike receded following weak US data for July.

Technically, FXStreet said AUD/USD at 0.7073 was holding a near term bullish bias while spot remained above the 20-period EMA at 0.7045, with the Relative Strength Index at 57.6, and it pointed to 0.7045 as near-term support and the August 17 high at 0.7129 as the key level to watch.

Investors later focused on the FOMC minutes from the July meeting at 18:00 GMT, while in Australia attention turned to upcoming Aussie employment data for July due Thursday.

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