© Dukascopy Bank SA
– Bank of Montreal (based on Business Recorder)
Pair's Outlook
The Aussie outperformed its US counterpart on Wednesday, but partially erased its intraday gains after the FOMC September minutes were released. Earlier today weak Chinese data had a negative impact on the Australian currency, causing it to put the ten-month up-trend to the test. Even though technical indicators support the possibility of the AUD/USD pair ending the day in the red zone, the up-trend is unlikely be broken. Furthermore, the trend-line is also reinforced by the weekly S1 and the 100-day SMA, which together successfully kept the commodity currency from falling deeper down since the beginning of the week.
Traders' Sentiment
Today short positions and purchase orders each take up 57% of the market.
© Dukascopy Bank SA