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AUD/USD chart - Trading View
AUD/USD was trading largely unchanged at 0.7911 at around 06:35 GMT, with session high at 0.7945 and low at 0.7902.
The pair was extending range trade for the second successive session and lacked clear directional bias.
The U.S. dollar has remained resilient despite Powell's dovish tone at the semi-annual testimony before the Senate Banking Committee on Tuesday.
"The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," Powell said.
Focus remains on second day of Powell's testimony and US housing data for impetus. AUD/USD trades with a bullish technical bias and is likely to resume upside.
Price action has broken above 110 month EMA and holds scope for test of 200 month MA at 0.8254.
5-DMA is immediate support at 0.7874. Breach below 50-DMA support at 0.77 will see considerable weakness.
