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• AUD/USD dipped on Wednesday as dollar firmed on prospects of interest rate hikes in the near term .
• The Fed last week lifted its benchmark rate by 25 basis points to 3.75%-4.00% and signalled another increase could come before year-end
• Richmond Fed President Tom Barkin and Boston Fed President Susan Collins on Tuesday both voiced support for last week's rise in interest rates given concerns about inflation.
Futures markets imply a 54% chance the Fed will hike again in October and have 33 basis points of tightening priced in by year end.
• Immediate resistance is located at 0.7136(38.2%fib), any close above will push the pair towards 0.7163(SMA 20).
• Support is seen at 0.7061(50%fib) and break below could take the pair towards 0.7052(Lower BB ).
Recommendation: Good to sell around 0.7100, with stop loss of 0.7240 and target price of 0.7040
