Investing.com - The Australian dollar was lower against its U.S. counterpart on Wednesday, as investors remained cautious ahead of Federal Reserve Chairman Ben Bernanke's testimony to Congress later in the day.
AUD/USD hit 0.9209 during late Asian trade, the session low; the pair subsequently consolidated at 0.9204, retreating 0.51%.
The pair was likely to find support at 0.9091, Tuesday's low and resistance at 0.9339, the high of June 27.
Investors were awaiting Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
The greenback fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus.
Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.
The Aussie was lower against the euro with EUR/AUD adding 0.29%, to hit 1.4268.
Later in the day, the U.S. was to release official data on building permits and housing starts.
AUD/USD hit 0.9209 during late Asian trade, the session low; the pair subsequently consolidated at 0.9204, retreating 0.51%.
The pair was likely to find support at 0.9091, Tuesday's low and resistance at 0.9339, the high of June 27.
Investors were awaiting Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
The greenback fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus.
Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.
The Aussie was lower against the euro with EUR/AUD adding 0.29%, to hit 1.4268.
Later in the day, the U.S. was to release official data on building permits and housing starts.