AUD/USD remains subject to weakness

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Fresh fear and loathing about the impending Fed rate hike and the risk-off evident in junk bonds, equities and emerging markets - not to mention the deflationary risks from a devaluing China and a fresh implosion in oil prices - will mean that the Fed tiptoes into this rate hike cycle with extremely cautious guidance." 
- Saxo Group (based on Reuters) 


Pair's Outlook 
As technical studies suggested, the Aussie appreciated against the US Dollar on Monday, stabilising above the immediate resistance. Even though the RBA Minutes boosted the Aussie today, the currency retreated from the intraday high in the European session. The weekly PP is now providing support at 0.7232, whereas the 20-day SMA is the closest resistance around 0.7241. The second cluster to limit the losses rests around 0.7185, represented by the monthly PP, the 55 and 100-day SMAs. Nevertheless, technical indicators retain bullish signals, implying a close above the 20-day SMA. 

Traders' Sentiment 
Bullish market sentiment barely changed, as 72% of traders are long the Aussie. The buy and the sell order ratio is now equal to one.
© Dukascopy Bank SA

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