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- Commerzbank (based on Reuters)
Pair's Outlook
The Aussie underperformed on Wednesday, as it failed to reach the target level, with price closing on top of the 0.76 psychological level. Today the Australian Dollar is expected to negate yesterday's gains, as the return of risk-off sentiment is weighing on the AUD/USD pair. The weekly S1 at 0.7538 is the level that has a solid chance of preventing the given pair from edging lower, but a fall towards the monthly PP at 0.7495 remains possible. Nevertheless, the tide could still turn after Fed Yellen's statement later today, just as technical indicators in the daily timeframe suggest. The weekly PP at 0.7630 would then be the first target to reach in order make room for future appreciations.
Traders' Sentiment
Nearly three quarters (73%) of traders are now long the Aussie. Meanwhile, the portion of sell orders edged up from 35 to 52%.
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