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AUD/USD tests support at 0.7605

© Dukascopy Bank SA
"We have seen increased talk of direct intervention from the RBA into the FX markets, in turn pushing AUD below what the bank feel is ‘fair value'. There is merit here, especially with the ‘Aussie' looking vulnerable to further losses both against the greenback and on a trade-weighted basis." 
- IG Group (based on WBP Online)


Pair's Outlook 
The Aussie plunged against the US Dollar for the fourth day. The support cluster created by the weekly and monthly S1s was easily pierced, and AUD/USD reached out to the weekly S2. The pair was unable to breach 0.7605 and ended the trading day around 0.7637. A number of the Australian data deteriorated today, forcing the Aussie to weaken. The selling pressure is likely to persist during the day, even though the technical indicators are giving neutral signals, while immediate support is located at the weekly S2.

Traders' Sentiment 
Traders' sentiment experienced no changes over the day, while the commands to sell the Aussie are now in a more distinct majority, taking up 77% of all orders.
© Dukascopy Bank SA


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