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AUD/USD retreats after a slight rally

© Dukascopy Bank SA
"Our base case is that they will remove patience. If we get that and a measured message on the dollar's impact on inflation then, given the slight retracement we have seen in the first half of this week, I think the dollar will do well." 
- Michael Sneyd, BNP Paribas (based on Reuters)


Pair's Outlook 
On Tuesday, the Australian Dollar erased Monday's gains and moved slightly more to the downside. However, the currency pair did not drop as much as expected, settling around 0.7616. The Aussie is likely to preserve the bearish momentum, unless the FOMC gives a reason to abandon US Dollar longs. The technical indicators are pointing south-ish, suggesting the downslide. Immidiate support lies around 0.7555, represented by the Bollinger band and weekly S1. 

Traders' Sentiment 
The share of bullish market participants added one percentage point, and now 63% of all positions are long. The number of orders to acquire the Aussie, on the other hand, fell, as 72% of traders plan to sell the Australian currency.
© Dukascopy Bank SA


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