AUD/USD was pressured by the latest..........>

AUSSIE: AUD/USD was pressured by the latest developments in the U.S. China trade

situation on Wednesday, with the U.S. looking at imposing 25% tariffs on $200bn

worth of Chinese goods. It is worth noting that the U.S. has extended the public

comment deadline on the tariff matters by a week, to Sep 05.

- The USD softened a touch on the back of the FOMC decision, as the Fed stood

pat, as expected, with no notable changes to the rhetoric employed in the

accompanying statement. This allowed the AUD/USD cross to reclaim $0.7400, after

printing a low of $0.7390 during a brief look below the figure. The cross last

deals at $0.7405.

- Initial trendline support has been broken and the July 27 low ($0.7370) is

back in focus. A break below here would trigger a further bearish signal,

opening the way for a decline to test the major trendline support at 0.7324. The

first major resistance point comes in the form of the July 31 high ($0.7441).