AUD/USD: more downside to follow the FOMC, watch for a break of 0.7435

Currently, AUD/USD is trading at 0.7450, down -1.13% on the day, having posted a daily high at 0.7548 and low at 0.7446.

• FOMC meeting: no game changer for the USD
• When is the Fed interest rate decision and how could affect DXY?

AUD/USD one of the worst performers in the G7's of late, barr the CAD.  "In our opinion, the combination of patchiness in Australian data, the lower absolute level of Australiacentric commodity prices, and a lack of a positive monetary policy impulse from the RBA should weigh on AUD," explained analysts at Nomura in a nutshell. The US dollar has been gaining some momentum on expectations of a Fed hike again in June, but that is not a certain and the recent data of late certainly might be something that the Fed will address in today;s FOMC statement after the hold on lifting rates after March's hike of 25 basis points. Then, markets will turn to the French debate and finally nonfarm payrolls this Friday as the likely showdown before the French election run off on Sunday. 

• When is the French presidential debate and how could affect the EUR?
• NFP to increase by 185k in April - Nomura

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the pair faltered again around a daily descendant trend line coming from late March. "The downward move has been quite straight, accelerating once the price broke below the 20 SMA,  favoring further declines, despite the wide intraday range. Technical indicators in the same chart maintain their strong bearish slopes within negative territory, another sign of additional weakness ahead, particularly on a break below 0.7435 the immediate support."