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AUD/USD on the edge of falling under the up-trend

© Dukascopy Bank SA
"The year is starting out no different than the way we left it, with a possible domestic rate cut, the potential for underpriced US hikes, and then weak oil." 
- CIBC Capital Markets (based on Business Recorder) 

Pair's Outlook 
Due to a breach of the key support on Tuesday and disappointment in Chinese Services PMI, the Aussie experienced more than a 100-pip sell-off earlier today. This weakness is likely to persist, even in spite of a possible US Dollar boost from US data later this day. The up-trend at 0.7107 is the main support to limit the decline, but volatility keeps pushing the AUD/USD even lower. A failure to at least partially negate intraday losses should steer the pair towards the Nov 2015 low at 0.7015 in the short run.  

Traders' Sentiment 
Market sentiment keeps weakening, but remains bullish at 71% (previously 73%). Meanwhile, the portion of sell orders lost 2% points. The commands now take up 67% of the market.
© Dukascopy Bank SA


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