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AUD/USD consolidates below 0.9100 with Fed in focus

FXStreet (Córdoba) - AUD/USD has entered a consolidation phase as investors take a wait-and-see mode ahead of the Federal Reserve monetary policy statement later in the day.

AUD/USD pulled back from a high of 0.9111 scored Tuesday but with the retracement contained by the 0.9060 zone, the pair was confined to a 20-pip range as investors refrain from taking big positions ahead of the FOMC meeting conclusion. Markets are expecting a hawkish shift in Fed stance, so any change in forward guidance might increase the appeal of the US dollar.

Data from Australia offered no inspiration to AUD/USD during the Asian trade, with the Westpac leading index falling -0.1% in August. During the New York session, US will release consumer price index figures, while all attention remains on the FOMC statement.

AUD/USD technical levels

At time of writing, AUD/USD is trading at 0.9065, recording a 0.31% loss on the day. In terms of technical levels, immediate supports are seen at 0.9060 (intraday low), 0.9000 ((round number) and 0.8988/83 (Sept 16 & 15 lows). On the flip side, resistances could be found at 0.9111 (Sept 16 high), 0.9181 (200-day SMA) and 0.9200 (psychological level).

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