AUD/USD Technical Analysis: Forms a firm base near 100-hour SMA, range break awaited ahead of FOMC

   •  The pair extended its sideways consolidative move for the second straight session on Wednesday and now seems to have formed a firm base near 100-hour SMA.

   •  The range-bound price action constituted towards the formation of a rectangle on the 1-hourly chart, marking a brief pause ahead of today's FOMC policy update.

   •  Oscillators on hourly charts have recovered from the negative territory but maintained their bearish bias on the daily chart, further reinforcing the cautious stance. 

   •  Hence, it would be prudent to wait for a convincing break through the mentioned trading range before positioning for the pair's next leg of a directional move.

AUD/USD 1-hourly chart