Dukascopy - Analytics


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AUD/USD tests 0.7340

© Dukascopy Bank SA
"We suspect that the data this week, especially the core CPI (consumer price inflation) print, as well as indications from the minutes..., will allay concerns that the Fed may delay lift-off beyond September." 
- Credit Agricole (based on CNBC) 

Pair's Outlook 
The Australian Dollar behaved according to the forecast, as the AUD/USD remained relatively unchanged on Friday. The pair experienced minor volatility and lost two pips as a result, following with a slightly larger decline over the weekend. Moreover, the Aussie is expected to extend its bearish trend, despite mixed technical indicators. The AUD is strongly supported by a cluster of levels around 0.7340, represented by the weekly pivot point and the 20-day SMA, which is likely to limit the losses today.

Traders' Sentiment 
Both net sentiment and net orders improved today. There are now 74% of long positions, while 41% (five percentage points more) of all orders are to buy the Australian currency.
© Dukascopy Bank SA

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