AUD/USD: bulls nervous ahead of FOMC, backed off from 0.7520 highs

Currently, AUD/USD is trading at 0.7493, down 0.00% on the day, having posted a daily high at 0.7525 and low at 0.7476.

AUD/USD bulls have extended the barrier to 0.7520, but nervous ahead of the FOMC and potential fall out on a Fed hike and a spike to the upside in the greenback - perhaps bulls now loading up shorts ahead of the event as price drops back below the 0.75 handle. There is a void of data ahead of the FOMC tomorrow and any forced moves lower may not find much of a bid, so if there are any moves to come, they could well be painful and slow to recover - just as we have seen in GBP/USD recently.

Gold navigates lows near $1,160

US: Trump victory does little to dent 2016 rate hike expectations – Lloyds Bank

US stocks open higher ahead of the much awaited Fed meeting

AUD/USD levels

Current price is 0.7493, with resistance ahead at 0.7493 (Weekly High), 0.7506 (Weekly Classic R1), 0.7506 (Yesterday's High), 0.7522 (Daily Classic R1) and 0.7525 (Daily High). Next support to the downside can be found at 0.7492 (Hourly 20 EMA), 0.7491 (Daily Open), 0.7477 (Daily Classic PP), 0.7476 (Daily Low) and 0.7475 (Daily 20 SMA).