FXstreet.com (Barcelona) - Aussie rally has capped at 0.8860, fresh 13 month high on early Asian session, and the pair has sold-off aggressively ever since, giving away more than 200 pips so far, dropping to levels around 0.8625 at the time of writing.

The Aussie is well overbought on hourly charts, and, according to Ian Coleman, technical analyst at Turtle Futures the pair could perform an upward pullback: We have some divergence here though and are close to the trend line so I am expecting some pullback higher form here. I would look to 0.8731 - 80 area as the target zone then a push back lower through the daily trend line. Use 5 mins to signal the short term Bull Run.

Next support levels for the Aussie could be 0.8585 (Sept 21/28 low), and below here, 0.8540 (Sept 14 low) and 0.8460/70 (Sept 1 low). On the upside, the pair could find resistance at 0.8670, and above here, 0.8780 and 0.8860.

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