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AUD/USD: First signs of basing after 0.90 bear trap

FXStreet (Bali) - AUD/USD managed to revert the early Monday China-driven losses, with a brief drive below 0.90 leading to an impulsive intraday bounce in London, printing its highest at 0.9048 before consolidating.

For today's Asian session, the RBA Minutes and a speech by Deputy Governor Kent will be the main AUD movers, and as Jim Langlands, Founder at FXCharts, notes "both are are likely to once again lament the strength of the Aud, but any impact should be limited until the FOMC on Thursday."

Technically, Jim notes: "The strong resistance at 0.9050 (Weekly Cloud Base, Monthly Tenkan) remains the initial strong hurdle and I would be a bit surprised to see it head much above here today. If wrong look for further gains to 0.9080 (23.6% of 0.9505/0.8982) and then to stronger resistance at 0.9100 (100 HMA, 100 Month MA and the monthly Tenkan). The downside will see buyers again today at 0.9000 and then at the session low at 0.8982 although, I don’t see it happening unless the RBA minutes are overly dovish."

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