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AUD/USD pushed back by 0.77

© Dukascopy Bank SA
"Given that money markets continue to price in limited risk for near-term easing following the surprisingly hawkish policy statement, there should be AUD downside on this." 
- Citigroup Inc. (based on WBP Online)


Pair's Outlook 
The Australian Dollar misbehaved on Monday, as it appreciated against the US Dollar instead of declining. The session high went over the 0.77 level, but the AUD/USD pair still stabilised at 0.7687, just over the weekly PP. Yesterday's rally is considered to be a setback, as the Aussie is expected to resume the bearish trend today. The weekly PP, now the immediate support, is unlikely to prevent the fall; therefore, trade should close around 0.7630. Furthermore, technical studies are now showing distinctly bearish signals, bolstering the possibility of the negative outcome. 

Traders' Sentiment 
Traders' sentiment remains unchanged, as 73% of them still hold long positions. The portion of buy orders edged up from 33 to 45%.
© Dukascopy Bank SA


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