AUD/USD risks to the downside despite recent price action

Currently, AUD/USD is trading at 0.7569, down -0.01% on the day, having posted a daily high at 0.7579 and low at 0.7567.

FOMC members on point, or looked through slower growth in Q1? - Nomura

AUD/USD managed a 40 pip recovery of the drop from 0.7610/30 region yesterday on the back of the market's reaction to the FOMC minutes. However, markets are not keen to hold onto the Aussie at the moment and indeed, as analysts at Westpac noted, the  Momentum remains negative. 

We have a number of risk events still to go this week that should be significant for the dollar. Today's ADP report was a positive prelude for Friday's nonfarm payrolls. There are also significant risks around US President Trump meeting with his Chinese counterpart Xi Jinping.
AUD/USD 1-3 month: 

"At risk of testing 0.7800 during the next few weeks as USD longs are pared. Longer term we expect to see it slightly lower to around 0.7600. A steady hand from the Fed in June plus an optimistic RBA should limit downside on AUD/USD during the next few months. Further out, though, the underlying AUD trend should be gently lower, as growing bulk commodity supply gradually cools the 2016 price surge. Iron ore should be back under $80/tonne by June, with further (modest) declines likely in H2 2017. (21 March)" - Westpac

For the day ahead: AUDUSD: Look out for the Caixin China Services PMI

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that in

the 4 hours chart shows that the 20 SMA maintains a bearish slope above the current level."Technical indicators have extended their recoveries from oversold levels, but remain below their mid-lines, losing upward strength.  Renewed selling pressure below 0.7540 should open doors for a steeper decline, with the pair then set to test 0.7450."