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    AUD/USD extends consolidation

    © Dukascopy Bank SA
    "The medium term downside risks [for the AUD/USD] are intact in line with the recent breakdown below the April-June range lows. While the next line of support levels can allow for a short term consolidation phase, the downtrend remains incomplete." 
    - JP Morgan (based on FXStreet)

    Pair's Outlook 
    The Aussie's gains on Tuesday exceeded expectations, as the Australian currency easily pierced the immediate resistance and even tested the second cluster. The strong cluster around 0.7455 is likely to cause the AUD/USD to bounce back, while the weekly PP is now providing support, also underpinned by the 0.74 psychological level. Nonetheless, the given support might not hold, causing the pair to fall down to around 0.7340. Technical indicators are giving bearish signals, bolstering the possibility of a decline today. 

    Traders' Sentiment 
    For the third day in a row net positions and net orders slid by one percentage point each. Now 73% of traders hold long positions, while only 41% of all commands are to acquire the Aussie.
    © Dukascopy Bank SA

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