FxWirePro: AUD/USD dips as market focus shift from RBA to Fed

• AUD/USD dipped  on Wednesday  as market focus shifted away from the Reserve Bank of Australia and toward the outcome of the U.S. Federal Reserve meeting and comments from new Fed Chair Kevin Warsh later in the day.

•Australia’s central bank Reserve Bank of Australia kept its cash rate unchanged at 4.35% on Tuesday, noting that tighter financial conditions are weighing on economic growth .

• RBA Governor Michele Bullock said the board did not consider raising interest rates at this week's meeting, reinforcing the view that policymakers remain comfortable with their current stance.

•The central bank retained a slightly hawkish tone, the messaging appeared somewhat less convincing following the unanimous decision to leave rates unchanged.

• Attention now turns to Warsh's first public remarks since the latest FOMC meeting, with investors looking for clues on the future path of U.S. monetary policy.

• Meanwhile, geopolitical developments remain in focus as uncertainty persists over the details of the preliminary U.S.-Iran agreement.

•  Immediate resistance is located at 0.7080(50%fib), any close above will push the pair towards 0.7104(SMA 20).

•  Support is seen at 0.7004(38.2%fib) and break below could take the pair towards 0.6961(Lower  BB).

 Recommendation: Good to sell  around 0.7060 with stop loss of 0.7120 and target price of 0.7000