AUD/USD bears back in charge within bullish reversal from 0.75 the figure

AUD/USD is in decline on Tuesday and has moved back below a key support area that will make the next leg higher a bigger task for the bulls looking to recover within this reversal from 0.75 the figure. Currently, AUD/USD is trading at 0.7550, up 0.30% on the day, having posted a daily high at 0.7582 and low at 0.7519.

• US Dollar Index jumps to 4-week highs above 94.00

The biggest takeover of an Australian company on record was announced with the Unibail-Rodamco/Westfield M&A news which sparked a flurry to the upside in the Aussie, (French company has agreed to buy Westfield for USD 15.7bln), only to be met with stubborn US dollar bulls ahead of this week's FOMC announcements. 

FOMC expectations? 

It is widely expected that the FOMC will indeed hike rates by 25bps, but whether the statement will be particularly hawkish ahead of the FOMC government swap over next year will be key to the price action around the greenback. At the same time, however, there is plenty of key US data this week also which may provide some volatility and fill in any gaps where the FOMC meeting potentially disappoints. 

• A Fed hike is as fully priced in as can be expected - BBH

AUD/USD levels

To the upside, 0.7600 ahead of 0.7630/40 guards 0.7675 and 0.7710 through the H&S neckline level at 0.7660. to the downside, 
 0.7519 was the Asia low, just ahead of 0.7501 as the recent 6mth low. 0.7500 is an option barrier level on the wide, also this is the 2016-2107 uptrend level that guards the 2000-2017 support line at 0.7072.