Bears are taking a breather, awaiting fresh signal from Fed’s decision

The AUDUSD rebounds on Wednesday after five straight days of steep fall, as revived risk sentiment gave fresh boost to Aussie.
Oversold daily techs and potential formation of bullish engulfing pattern today, may act as initial reversal signal, though recovery needs a clear break through pivotal 0.70 zone (psychological / Fibo 38.2% of 0.7283/0.6850 bear-leg) to generate firmer bullish signal.
Larger picture remains firmly bearish that may signal limited recovery, while sharp change in bets over today’s Fed decision (most of analysts now expect 0.75% hike instead of previous 0.5% consensus that would lift the US dollar and end a brief recovery attempt.
Bears eye 2022 low (0.6828) loss of which would open way for test of pivotal Fibo support at 0.6758 (50% retracement of 0.5509/0.8007 rally) and spark stronger bearish acceleration on break.

Res: 0.6970; 0.7000; 0.7015; 0.7066
Sup: 0.6850; 0.6828; 0.6758; 0.6647