AUD/USD still caught in a consolidative phase after August fall

<p>The aussie is benefiting from a stronger Chinese yuan today, alongside better risk sentiment overall. Equities are able to take heart in the fact that major central banks are starting a new shift in the narrative. It no longer is about rate hikes in the current cycle but about how long can they hold rates at the supposedly restrictive levels as seen currently.</p><p>The dollar is also mildly softer after a good showing yesterday but AUD/USD has proven resilient, keeping a bounce off the short-term lows around 0.6357-64 in August and now early September.</p><p>That being said, the 0.6500 mark remains a critical area for buyers to break through in order to solidify any turnaround in momentum.</p><p>Otherwise, the pair is still very much stuck in a bit of a consolidative phase in and around this ~140 pips region until either one of the key levels mentioned above gives way.</p>

This article was written by Justin Low at www.forexlive.com.