AUDUSD under renewed pressure ahead of FOMC

A string of data updates held back the AUDUSD advance as the price met with the resistance area of a wedge, causing a sharp drop toward 0.6300. The Aussie’s strength has been due to speculations the RBA could go on with one more rate hike as the recent inflation reading has shown no sign of yielding. However, the Aussies ran into a brick wall after disappointing data reports from China sparked concerns about its economic recovery. In addition to that, upbeat data reports from the US piled more pressure on other assets as investors thronged to the US dollar
Ahead of the Fed decision later in the day which is expected to see the central bank hold rates at 5.50% with a hawkish rhetoric on its forward guidance, AUDUSD is currently caught within a range as it tries to recoup some of its losses from the previous day.