• AUD/USD +0.4% late Wed, breaks above 0.7056 200-DMA & touches 5-week high

• Pair approaching 0.7072 55-DMA, breach would reset topside target to 0.7140

• FOMC stands pat on FFR while acknowledging that inflation remains elevated

• RBA Governor Bullock says inflation too high, indicates incoming rate hike

• Futures pricing implies 84.8% chance of Nov RBA hike, Fed Dec hike at 85.3%

• U.S. core PCE index due Thur, Reuters poll consensus +0.3% m/m, +3.1% y/y

• Overnight range 0.70239-645 support 0.6865 0.6834, resistance 0.7140 0.7282
AUD 21/55/100/200-DMA

(James Connell is a Reuters market analyst. The views expressed are his own.)