AUD/USD technical analysis: Consolidates near 23.6% Fibo. level, FOMC awaited
- The AUD/USD pair's overnight goodish bounce from multi-month tops - led by renewed US-China trade optimism, stalled near 100-hour EMA on Wednesday.
- The pair was now seen oscillating in a range near 23.6% Fibo. level of the 0.7022-0.6832 recent slide, awaiting fresh catalyst from the latest FOMC policy update.
Meanwhile, technical indicators on the 1-hourly chart have been gaining positive traction and also recovered from the negative territory on the 4-hourly chart. Given the previous session's break through a one-week-old descending trend-channel, the set-up might have turned in favour of intraday bullish traders.
However, oscillators on the daily chart maintained their bearish bias and are still far from being in the oversold territory, warranting some caution before placing any aggressively bet for a further meaningful appreciating move ahead of Wednesday's highly anticipated FOMC monetary policy decision.
Having said that, a sustained move beyond the 0.6885 region (100-hour EMA) might assist the pair to aim towards 38.2% Fibo. level resistance near the 0.6900 handle before eventually darting to the 0.6920-25 hurdle - coinciding with 50% Fibo. level.
On the flip side, the 0.6850 horizontal zone now becomes immediate support to defend, which if broken might negate any near-term bullish bias and turn the pair vulnerable to resume its well-established bearish trajectory towards challenging the 0.6800 round figure mark.
AUD/USD 1-hourly chart
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