AUD/USD is again attempting a break above 0.72, focus on Fed

• AUD/USD is attempting a break above 0.72 amid broad-based USD selling. 
• The dollar will likely pick up a strong bid if the Fed sounds less dovish-than-expected. 

Dollar selling ahead of the Fed is pushing AUD/USD higher, the pair, however, is yet to cross the psychological hurdle of 0.72.

Moreover, the Aussie bulls had a go at that level on Tuesday but failed to chew through offers placed just above 0.7203. The pair, therefore, ended up carving out a doji - a sign of indecision in the marketplace.

That said, the falling wedge breakout seen in the 4-hour chart would gain credence if the spot closes today above 0.7203 (yesterday's doji candle), confirming a bullish doji reversal.

The bullish daily close may remain elusive if the Fed leaves investors behind the curve with a less-dovish-than-expected forecast of two rate hikes in 2019. Moreover, the markets are currently assigning just a 30 percent probability of a single rate hike for 2019.

However, the pair could fly high if the central bank drops hints of a rate hike pause in 2019.

AUD/USD Technical Levels