AUD/USD preserves bearish trend

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"A rate cut at the November meeting is still being given a relatively slim chance at the moment. However, the deterioration of Chinese and US economic data, the expected delay of the Fed's rate hike into 2016, and prospects for a very severe El Nino driven drought over the coming months may increasingly weigh on the RBA's calculus." 
- IG Securities (based on WBP Online) 

Pair's Outlook 
The RBA's statement about holding interest rates was insufficient to keep the AUD/USD elevated through all of the day yesterday. Upon reaching the 0.73 mark, the given pair returned to the Monday's opening price. The down-trend remains intact, while the double bottom neckline keeps providing resistance and preventing the Aussie from rising. As a result, the Antipodean currency is likely to retreat today, despite technical indicators retaining bullish signals. Immediate support is located at 0.7227 (monthly R1), but risks of falling deeper down to the cluster around 0.7175 persist. 

Traders' Sentiment
Bullish traders' sentiment returned to its Monday's level of 73%. The ratio of buy and the sell commands is now equal to one.
© Dukascopy Bank SA
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