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- Daiwa Securities (based on CNBC)
Pair's Outlook
Although the Australian Dollar prolonged its short-term recovery yesterday, the AUD/USD currency pair now risks slumping beyond the 0.76 mark. The reason for the Aussie weakness is the poor reading of the Australian CPI, released earlier today. More impetus for bearish movement could be provided by the FOMC statement later today; in this case the Antipodean currency is likely to drop towards 0.7510, where the up-trend coincides with a number of other supports, such as the monthly PP and the 55-day SMA. On the other hand, there is a possibility of the pair trimming intraday losses and even edging closer to the 0.78 major level.
Traders' Sentiment
Traders sentiment remains bearish, now at 55% (previously 54%), while the number of buy orders edged up dramatically, from 34 to 63%.
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