Investing.com - The Australian dollar fell against its U.S. counterpart on Wednesday, as demand for the greenback strengthened ahead of the Federal Reserve's highly anticipated policy statement later in the day.
AUD/USD hit 0.7310 during late Asian trade, the session low; the pair subsequently consolidated at 0.7316, shedding 0.29%.
The pair was likely to find support at 0.7253, Tuesday's low and a six-year low and resistance at 0.7362, the high of July 24.
Investors were looking ahead to Wednesday’s Fed statement to see if policymakers would give any indication on the timing of an initial rate hike.
Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected.
Recent volatility in Chinese equity markets weighed on the Australian dollar, because of the country’s strong trade links to China.
However, Chinese markets found some stability on Wednesday, following pledges from Chinese regulators to buy shares to stabilize stocks if needed and hints of more policy easing from the central bank.
The Aussie was lower against the euro, with EUR/AUD adding 0.14% to 1.5094.