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AUD/USD challenges levels above 0.88, FOMC-inspired swings awaited

FXStreet (Bali) - AUD/USD remains directionless some 15/20 odds pips above the 0.88 handle, with buyers finally having achieved the first close above the level on Monday, following seven days of fruitless attempts.

Jim Lanlands, Founder at FX Charts, notes: "A lack of any domestic data today looks like keeping it in a tight range, at least for the first half of the session, at least until the release of the US Sept Durable Goods and Oct Consumer Confidence figures. If these fail to provide any direction, then we will most likely have to wait for the FOMC tomorrow for guidance."

Technically, 0.89 is still the key resistance to crack, in order to turn the technical picture slightly more constructive, although from a mid to long term view, the prevailing trend remains down, and strength is likely to be perceived by position/swing/macro traders as an opportunity to reset shorts. Even if 0.89 is re-taken, resistance and sellers layered at 0.8930 (50-day EMA) will probably pose a tough challenge, ahead of 0.90 psychological resistance. On the downside, meanwhile, 0.87 has been acting as reliable area stalling declines ahead of 0.8650 key support.

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