AUD/USD refuses to drop below 0.72

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Commodity currencies remained under pressure after a rise in in US crude inventories dragged oil prices lower. We expect the US dollar to continue to recover and for downward pressure on commodity currencies to continue." 
- ANZ Bank New Zealand (based on The New Zealand Herald) 


Pair's Outlook 
The Aussie decline to a fresh five-day low yesterday, piercing the immediate support, but remaining above the 0.72 mark. A decline beyond 0.7170 is doubtful, as a strong support cluster, represented by the weekly S1, 20 and 55-day SMAs, is keeping the AUD/USD afloat. Technical studies point to a rally, suggesting the Australian Dollar could recover some of yesterday's losses. The monthly R1 is now the nearest resistance, but should be relatively easy to breach, with the next target located at 0.7280, namely the weekly PP and the September high. 

Traders' Sentiment 
Bullish traders' sentiment returned to its Tuesday's level of 74%. The equilibrium was broken, as 52% of all orders are to buy the Aussie.
© Dukascopy Bank SA

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