Dukascopy - Analytics

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    AUD/USD on the verge of reconfirming the down-trend

    © Dukascopy Bank SA
    "If the RBA is going to act [on its easing bias], it seems sensible to wait for the Q4'15 CPI report that's released on January 27 before doing so. This means that the next live meeting is the first meeting of 2016 on February 2." 
    - RBS (based on WBP Online) 

    Pair's Outlook 
    As was anticipated, the Australian Currency bounced back from the down-trend yesterday, losing a total of 40 pips over the day. The losses were limited by the weekly and monthly PPs, which might cause a rebound today. However, the rally is unlikely to exceed the 0.7227 level, as that would mean a breach of the down-trend. Meanwhile, the cluster around 0.7130 should limit any dips, even though the AUD/USD is required to pierce the weekly and monthly PPs first. Technical studies retain their mixed signals, unable to confirm either scenario. 

    Traders' Sentiment 
    Almost three quarters (74%) of all open positions are long today, whereas the number of sell orders dropped down from 58 to 57%.
    © Dukascopy Bank SA

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