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    AUD/USD loses momentum

    © Dukascopy Bank SA
    "We don't think we were alone in expecting a longer/deeper consolidation in the USD; a grinding bid to the USD will be "painful" for many who perhaps don't have longs on." 
    - TD Securities (based on FXStreet)


    Pair's Outlook 
    The AUD/USD pair experienced a third day of losses yesterday. An obstacle was encountered just under the monthly PP, and it forced the pair to close at 0.7702. However, the Aussie tested the 0.7741 resistance before stabilising. The technical studies remain mixed on the daily timeframe, and furthermore, each consecutive gain over the last three days was smaller than the preceding one. Accordingly, the Australian Dollar is likely to retreat in the near future. Closest support rests at 0.7636, while nearest resistance lies under the channel's upper trend-line. 

    Traders' Sentiment 
    The share of long positions edged down for the fifth day, down to 61%, while the number of buy orders increased from 42 to 53%.
    © Dukascopy Bank SA

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