AUD/USD: hourly bearish sma cluster compromised, early bids onto 0.75 handle

AUD/USD is stabilizing the offer and greenback's strength, with a bid in the Aussie at the start of the week and despite the recently renewed concerns over China's banking system and "pending crash" while bulls step in and penetrate the cluster of hourly bearish ma's. 

AUD/USD has risen from 0.7484 lows to score through the 0.75 handle on an early wobble in the greenback across the board ahead of the key FOMC meeting, albeit where the majority of observers expect that the Fed will not be hiking until at least the end of the year.

Meanwhile, analysts at Westpac suggests that while further gains to around 0.77 are possible during the month ahead, "Driven in part by the faltering US dollar and yield-chasing flows, the AUD is losing energy (perhaps a reflection of its declining yield advantage). By year end, there's a case for a correction towards 0.74 if the Fed tightens in December as we expect. (13 Sep)."

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet noted that indicators have turned modestly higher within neutral territory, limiting chances of a steeper decline at this point. "Nevertheless, renewed selling interest below 0.7450, a long term Fibonacci support, should confirm a move lower, with scope to test 0.7250, during the upcoming sessions."