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AUD/USD bounces back to 0.77

© Dukascopy Bank SA
"The market is currently pricing in one more rate cut this year [by RBA] , but the neutral stance suggests there is the possibility of no more cuts, which explains the bounce in Aussie." 
- IronFX (based on CNBC) 


Pair's Outlook 
The Australian Dollar managed to rebound on Tuesday and exceed expectations, as the weekly PP failed to stop the AUD/USD from rising. However, a strong resistance cluster around 0.78 succeeded and even pushed the Aussie back to 0.7760, where it settled. The given resistance cluster is likely to force the currency pair to fall deeper down today, while technical studies are showing distinctly bearish signs. The weekly PP should prevent any losses, unless the Aussie gets pressured even more; then a fall back to 0.76 is possible. 

Traders' Sentiment 
Although not as strong as yesterday, but market sentiment remains bullish at 73%. The share of buy orders edged up four percentage points. Now 46% of commands are to acquire the Aussie.
© Dukascopy Bank SA


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