The AUD/USD pair refreshed daily tops during the early North American session, albeit quickly retreated few pips thereafter. The pair was last seen hovering around the 0.7700 mark, up nearly 0.25% for the day. A subdued US dollar demand assisted the AUD/USD pair to defend a two-and-half-month-old ascending trend-line support and regain some positive traction on Wednesday. That said, nervousness ahead of the key FOMC monetary policy decision weighed on investors' sentiment and kept a lid on any strong gains for the perceived riskier aussie.
Meanwhile, technical indicators on the daily chart have just started drifting into the negative territory and support prospects for an eventual bearish breakdown. That said, it will still be prudent to wait for sustained weakness below the triangle support, currently around the 0.7675-70 region, before positioning for any further decline. A sustained strength beyond will negate the near-term bearish bias and prompt some aggressive short-covering move. The AUD/USD pair might then make a fresh attempt to conquer the 0.7800 round-figure mark and extend the momentum further towards the 0.7815-20 supply zone.