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AUD/USD: Range play continues, 0.88 equilibrium in slow Asia

FXStreet (Bali) - AUD/USD remains in a 1-month long consolidation pattern, with the lows at 0.8650 having proven a key area of support, allowing a 3-3.5 cents range-bound pattern limited by 0.90 to develop.

Aggressive shorts from early Sept have now had plenty of time to take profits and re-assess the next possible bias, amid an improved risk sentiment in the past week, and ahead of the FOMC on Wed.

Valeria Bedanarik, Chief Analyst at FXStreet: "The wider picture is still unclear, with the pair trading at the higher half of the 0.8640/0.8820 range, but short term bulls seem to be in control of the pair: the 1 hour chart shows indicators aiming higher after correcting overbought readings, while 20 SMA advances strongly now overcoming 200 EMA."

In the 4 hours chart, Valeria adds: "Technical readings maintain a quite neutral stance, with price still moving back and forth around a flat 20 SMA and indicators around their mildines. Risk remains to the upside on a surge of risk appetite, yet some follow through above mentioned resistance is still required to define an upward continuation in the pair."

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