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AUD/USD attempts to erase three-week losses

© Dukascopy Bank SA
"But we don't see the FOMC meeting as a game-changer for USD, with US data in coming weeks likely to support expectations for a Sep rate hike. As such, we still see AUD/USD eventually breaking ranges to the down side, with our 1 month target still 0.76."
- Westpac (based on FXStreet) 


Pair's Outlook 
The Australian Dollar declined against the Greenback yesterday, but not as much as anticipated. The Aussie was able to reach the 0.7640 level, but by day's end stabilised 20 pips above the 0.77 support cluster. This cluster is expected to turn the tide and force the AUD/USD pair to appreciate today, negating weekly and, possibly, two/three-week losses. The reason for this is the strong resistance cluster near 0.78, which is represented by four important levels. Meanwhile, daily technical indicators retain bearish signals, unable to confirm the positive outcome. 

Traders' Sentiment 
Market sentiment improved, with 74% of traders being long the Aussie, whereas the portion of buy orders edged up from 47 to 67%.
© Dukascopy Bank SA


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