AUD/USD is consolidated at the 50 sma on the 4hr chart at 0.7466 with a low scored of 0.7444 on the session as commodity currencies take a hit. AUD/USD was a toppy play having rallied so well on hot air in a short squeeze after the RBA encouraged the bulls, triggering stops and exposing the 0.76 handle. That high was short-lived at 0.7593 and we are moving back towards an equilibrium ahead of the FOMC after the RBA minutes yesterday that were originally bought into before the price was sold off. However, it is not just all about the FOMC tomorrow as we will also have the jobs data in Asia for the Aussie economy so anything down on the FOMC is likely to be temporary due to price action in the jobs event in the evening tomorrow. FOMC meeting: looking for clues on upcoming rate hikes AUD/USD levels Karen Jones, analyst at Commerzbank noted that the AUD/USD had spiked to 0.7593 yesterday, "By this has been accompanied by a TD perfected set up and for now the daily Elliott wave is indicating dips to 0.7435/.7335 are likely near term . Currently if we assume that AUD/USD has based the measurement higher extends to 0.7760." For more information, read our latest forex news.