Ella 
In the Asian market on Wednesday, the AUD/USD pair extended its decline and fell to around 0.6380. A stronger U.S. dollar has put downward pressure on AUD/USD as investors appear increasingly accepting of the possibility of a muted rate hike by the Federal Reserve at its upcoming September policy meeting.
However, optimism about Australia’s GDP provided some support for the AUD/USD pair. As mentioned, Q2 GDP (monthly) increased by 0.4%, beating expectations of 0.3%. Gross domestic product grew 0.2% in the first quarter. The annual rate of gross domestic product fell to 2.1% from 2.3% in the previous reading. Growth is expected to be 1.7%.
The MACD indicator is below the midline, but still above the signal line. This shows that the recent momentum of AUD/USD is relatively sluggish.
AUD/USD is likely to find support near the weekly low of 0.6357 and the 0.6350 psychological mark.
On the upside, AUD/USD may face challenges around the 0.6400 psychological mark. A clear break above this level would take AUD/USD closer to the 21-day exponential moving average (EMA) at 0.6467, followed by the 23.6% Fibonacci retracement level at 0.6484.
The 14-day relative strength indicator is below 50, indicating that AUD/USD remains bearish in the short term.
