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    AUD/USD ends the five-week rally

    © Dukascopy Bank SA
    "The US dollar has continued to strengthen modestly in the Asian trading session extending its rebound so far this week. The US dollar has rebounded sharply over the last couple of days which appears to fit with our view that weakness had overshot in the near-term." 
    - Bank of Tokyo-Mitsubishi (based on WBP Online)


    Pair's Outlook
    In spite of the expectations of the trend-line to provide sufficient support, the Aussie still slumped against the US Dollar. The second support level was also breached, but managed to slow down the fall, forcing the AUD/USD pair to stabilise at 0.7920. Today, however, we expect the Australian Dollar to reach the 0.79 area, with the weekly S1 limiting the losses. Nonetheless, the Greenback might be pushed even higher after the Fed meeting later today, thus the given pair might even fall deeper to the monthly PP at 0.7834. 

    Traders' Sentiment 
    SWFX traders' outlook towards the Aussie improved, as 74% of all positions are long (previously 71%). The percentage of buy orders, on the other hand, decreased from 74 to 66%.
    © Dukascopy Bank SA

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