Chart - Courtesy Trading View
AUD/USD was trading 0.38% lower on the day at 0.6689 at around 05:15 GMT. Less-hawkish RBA minutes weigh on the Australian dollar.
The pair has failed to benefit from the previous session's Dragonfly Doji formation, slips lower from session highs at 0.6726.
After grinding sideways at 21-EMA resistance from the past two session, the pair has failed to break above.
Price action is testing 20-DMA support at 0.6692, decisive break below will drag the pair lower.
Caution prevails ahead of Wednesday's FOMC meeting where the market anticipates a 25 basis point (bps) rate hike.
Major attention will be on Fed Chair Jerome Powell's press conference, for any unexpected comments that could trigger market volatility.
Major Support Levels:
S1: 0.6675 (5-DMA)
S2: 0.6653 (200H MA)
Major Resistance Levels:
R1: 0.6715 (21-EMA)
R2: 0.6761 (200-DMA)
Summary: AUD/USD trades with a neutral bias as caution prevails ahead of FOMC meeting. Break above 21-EMA will see test of 200-DMA at 0.6761. On the flipside, close below 200H MA will negate any further bullishness.
