Markets have focused all their attention on the Federal Reserve's monetary policy decision. Expectations of an interest rate hike by the US central bank could put significant pressure on the pair by strengthening the US dollar in the Forex market.

Investors are also focused on New Zealand's Q2 GDP data, which will be released on Thursday. Only moderate growth compared with the previous quarter is expected. For now, markets are expecting another RBA rate hike at its October meeting, despite some central bank members previously indicating a slower pace of rate increases.

From a technical perspective, the pair is trading below the strong resistance level of 0.5755.

Technical Picture and Trading Idea:

The price is below the middle line of the Bollinger Bands, above the SMA 5, but below the SMA 14. The RSI is below the 50% level and moving horizontally. The Stochastic is below the 50% level and is attempting to turn upward.

The pair may fall to 0.5635. The 0.5738 level could serve as an entry point for selling. SL – 0.5791.