Dukascopy - Analytics

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    AUD/USD recovers partial losses

    © Dukascopy Bank SA
    "The market has clearly taken today's news as paving the way for the RBA to potentially cut rates... The market reaction clearly points to the risk that other banks are expected to follow suit." 
    - TD Securities (based on CNBC) 


    Pair's Outlook 
    The Australian Dollar made a U-turn yesterday, dropping as low as the weekly PP and monthly R1 support cluster on weak Chinese data. Some volatility occurred today, amid another disappointed from China, but the pair is in limbo now. Downside volatility was already limited by the 0.72 major and the pair also remains supported by the yesterday's cluster, which might still cause a rebound today. Furthermore, technical studies retain their bullish signals, bolstering the possibility of a surge towards the 0.73 mark. 

    Traders' Sentiment 
    Bullish market sentiment returned to last Wednesday's level of 73%, whereas there are now significantly more orders to sell the Aussie, accounting for 77% of the market (up from 52%).
    © Dukascopy Bank SA

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