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    AUD/USD tests weekly PP before FOMC Minutes

    © Dukascopy Bank SA
    "It will be a case of range-trading going into the Fed minutes. We could see some positions being pared, with the dollar having risen in the past few weeks." 
    - CIBC World Markets (based on Reuters) 

    Pair's Outlook 
    Despite initial weakness, the AUD/USD succeeded in maintaining trade above the weekly PP. However, the 20 and 55-day SMAs are still on the Aussie's path, preventing the pair from retesting the down-trend in the future. The weekly PP is now acting as the immediate support and technically should hold the losses, but according to technical indicators, a decline is not out of the question. The weekly S1 is the next target if the weekly PP gets breached, while the cluster around 0.7180 is the ceiling in case the 20 and 55-day SMAs are unsuccessful in triggering a supply.

    Traders' Sentiment 
    Bullish traders' sentiment returned to last Wednesday's level of 70%. Meanwhile, the share buy orders inched down from 48 to 44%.
    © Dukascopy Bank SA

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