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AUD/USD breaks below 0.9350

FXStreet (Bali) - AUD/USD is trading with a slight heavy tone during the first hour of Tokyo, posting a session low of 0.9347 after multiple topside failures at 0.9360.

AUD/USD environment

The current trading environment could be classified as of range-bound with edges well defined between 0.94/0.9405 on the upside and 0.9320/30 on the downside. A break of either extreme is necessary to define the next directional bias, which still looks bullish judging by the daily chart structure, with the potential for a final fifth wave still in the cards.

AUD/USD technical picture

Valeria Bednarik, Chief Analyst at FXStreet.com, shared her technical take on the Aussie, saying that "the hourly chart presents a pretty bearish tone, with price capped below its 20 SMA and momentum heading south in negative territory, while in the 4 hours chart, technical readings remain mostly neutral."

Bednarik adds: "Repeated failure at 0.9400 is somehow discouraging buyers and increasing the risk of a break lower, albeit a price acceleration through 0.9340 is required to confirm a short term run towards 0.9300, while once below this last, the path is pretty clear down to 0.9260 strong midterm support."

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