FxWirePro: AUD/USD rebounds as Powell’s statements take steam out of the U.S. dollar

• AUD/USD recovered above  0.6500 level on   Wednesday as   greenback came under pressure  as comments from Fed Chair Jerome Powell reinforced market bets on a rate cut this month.

• Federal Reserve Chair Jerome Powell noted that while the U.S. labor market remains subdued, the economy “may be on a somewhat firmer trajectory than expected.

•Powell said the Fed would decide on interest rates on a "meeting-by-meeting" basis, weighing weak labor market conditions against inflation remaining above target.

• RBA Assistant Governor Sarah Hunter said recent data has been slightly stronger than expected, but the central bank continues to set policy with a one- to two-year horizon.

• Michele Bullock, RBA Governor, will deliver remarks Thursday morning at a Nomura event in Washington; Assistant Governor Christopher Kent speaks in Sydney at 8:45 am.

• Immediate resistance is located at 0.6530(50%fib), any close above will push the pair towards 0.6587(SMA 20).

• Support is seen at 0.6455(61.8%fib) and break below could take the pair towards 0.6442 (Lower BB).

 Recommendation: Good to sell around 0.6540, with stop loss of 0.6600 and target price of 0.6440