AUD/USD Consolidates Above 0.7050 as 100-Day SMA Holds Ahead of Fed

The AUD/USD pair is trading with a negative bias for a second consecutive day, yet it lacks strong bearish conviction and remains above the 0.7050 level during Wednesday's Asian session. The 100-day simple moving average (SMA) is a key technical level, with market attention now turning to the Federal Reserve's upcoming decision.

A break below 0.7050 could open the door for further downside, while holding above this level keeps the pair in a consolidation phase. The 100-day SMA serves as a critical barrier that traders are watching closely ahead of the Fed event.