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"The risk is that many are putting too much emphasis on some indications of improvement in the [U.S.] labor market and not giving due the broader economic context, and, just as importantly, the lack of price pressures."
- BBH (based on MarketWatch)
Pair's Outlook
Even though the risks are largely skewed to the downside, today the currency pair is showing willingness to penetrate the resistance at 0.9204/0.9174, the last defence before the price reaches the July high. The latter level is not expected to be violated in the medium term, it should cap AUD/USD at 0.9317 and subsequently send the pair towards the support at 0.9088/64.
Traders' Sentiment
The Australian Dollar is currently hesitating to appreciate relative to the greenback; nonetheless, a substantial majority of SWFX marketplace participants are still expecting the Aussie to outperform, namely 71% of them. Across its other currency pairs AUD is also bought in 71%.
© Dukascopy Bank SA