AUD/USD is struggling to stage a meaningful recovery on Tuesday. US Dollar Index is edging higher following an early drop on Tuesday. FOMC Chairman Powell will testify before House Financial Services Committee. The AUD/USD pair dropped to its lowest level in nearly a month at 0.7179 on Monday but staged a modest rebound during the European trading hours. After rising to 0.7235, however, the pair lost its traction in the early American session and was last seen losing 0.11% on a daily basis at 0.7215. AUD weakens on dovish RBA commentary Earlier in the day, Reserve Bank of Australia’s Deputy Governor, Guy Debelle, noted that a lower exchange rate for the AUD would be beneficial for the Australian economy said foreign exchange intervention was a policy option. Pressured by these dovish remarks, the AUD started the day under pressure on Tuesday. On the other hand, the US Dollar Index (DXY) stayed in a consolidation phase during the first half of the day and allowed AUD/USD to recover a portion of its losses. Nevertheless, the cautious market mood helped the greenback gather strength and forced the pair, once again, to turn south. At the moment, the DXY is posting modest daily gains at 93.60. The first data from the US showed that the Phiily Fed Nonmanufacturing Index improved to 8 in September from 1.6 in August but had little to no impact on the USD’s performance against its rivals. Later in the session, FOMC Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will be testifying before the House Financial Services Committee. Furthermore, Existing Home Sales and Richmond Fed Manufacturing Index data will be looked upon for fresh impetus. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD trims losses and moves near 1.1760 ahead of Powell FX Street 2 years AUD/USD is struggling to stage a meaningful recovery on Tuesday. US Dollar Index is edging higher following an early drop on Tuesday. FOMC Chairman Powell will testify before House Financial Services Committee. The AUD/USD pair dropped to its lowest level in nearly a month at 0.7179 on Monday but staged a modest rebound during the European trading hours. After rising to 0.7235, however, the pair lost its traction in the early American session and was last seen losing 0.11% on a daily basis at 0.7215. AUD weakens on dovish RBA commentary Earlier in the day, Reserve Bank of Australia's Deputy Governor,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.