AUD/USD was sold off again in the US session, after a drop in Asia and an up and down day in Europe between 0.7440 to 0.7475. Stops were triggered on the way down today making a session low so far of 0.7414 post higher inflation in the US CPI's today ahead of the FOMC show-down, where bulls have picked up the pieces and taken it back for a drift to current spot of 0.7445. In Asia the downside trigger was the People's Bank of China yuan mid-point reference rate setting, lower for a second day in a row. PBOC injects 20bn yuan via 7-day reverse repos PBOC sets USD/CNY at 6.5172 Prior to that, Aussie had been stable and supported in the American Petroleum Institute showing a build in inventory lower than expected, supporting commodity prices, oil and the Aussie. While in the European session, there was some stability found in the closing of Asian markets and the SCI closing up +0.2% at 2870.43and with the CS1300 +0.5% to 3090.0 also. Back to oil, oil producers are reported to be meeting in Qatar on 17 April with 15 producers who support meeting on output freeze, supporting commodity currencies and a rebound in the Aussie towards the Fed. The markets now are turning heads now towards the FOMC after some not so positive data yesterday in retails sales with implications that the numbers provided a dovish platform for the FOMC statement and Yellen's press conference. However, today's CPI data has painted a harmonized backdrop for the meeting. US FOMC Preview: 17 major banks expectations For live coverage of the key event in the FOMC, you can tune in here with FXStreet. AUD/USD levels AUD/USD fell below the 200 1hr sma at 0.7469 with the 20 sma on the same time frame at 0.7451 crossing below it with a subsequent sell-off. The price is recovering back towards the 20 sma. However, the 0.7400 level is compelling with the 100 sma on the 4hr sticks is located at 0.7350 as a key downside target while the pair trades below the 20 sma on the same time frame just below the psychological 0.75 handle. For more information, read our latest forex news.