AUD/USD last seen at $0.7018, barely.........>

AUSSIE: AUD/USD last seen at $0.7018, barely changed on the day.

- USD's reaction to the post-FOMC press conference with Fed Chair Powell

accounted for the bulk of AUD/USD's 33 pip decline on Wednesday. Although the

FOMC's decision to cut its IOER by 5bp to 2.35% allowed the pair to have a look

back above its opening levels, subsequent rhetoric dragged it firmly into

negative territory, as the greenback rallied across the board.

- Powell said that the adjustment in the IOER was "technical" rather than policy

based, stated that the slowdown in inflation appears to be "transient," noted

moderating econ environment and reiterated commitment to patience.

- This occurred after AUD/USD fluctuated in a 20 pip range through the Asia-Pac

session and slid a handful of pips lower pre-FOMC.

- A dip through the lower 1.0% 10-DMA envelope at $0.7002 would shift bearish

focus to the Apr 25 low of $0.6988, the worst post Jan 3 flash-crash level.

Meanwhile, bulls look to the Apr 2/3 low of $0.7053/55, located a few pips above

the 100-HMA.

- Australian building approvals and services PMI data come out on Friday.