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    AUD/USD attempts to stabilise above the up-trend

    © Dukascopy Bank SA
    "The rise by the Australian dollar is likely to be temporary, because the surrounding structural conditions remain unchanged. China is facing an economic slowdown and the Australian economy is also in the process of rebalancing." 
    - Barclays (based on CNBC) 


    Pair's Outlook
    The Australian Dollar erased its Tuesday's losses and made another step towards returning inside the triangle pattern. The upbeat Australian employment figures boosted the Aussie so much, that the volatility stretched out to the 20-day SMA at 0.7155. No further fundamentals from the US today are likely to outweigh the Australian ones, even though technical indicators suggest a decline is possible. The weekly PP could still come in play and cause trade to close near 0.71, while the stabilisation around the 55-day SMA is more preferable, as it would restore the triangle pattern. 

    Traders' Sentiment 
    Today 71% of traders are holding long positions, while the portion of buy orders declined dramatically, from 63 to 34%.
    © Dukascopy Bank SA

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