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AUD/USD rebounds on Chinese data

© Dukascopy Bank SA
"Downward momentum continues to wane but what this means is that the risk for a break below the major 0.6890/95 support has diminished." 
- UOB (based on FXStreet) 


Pair's Outlook 
The Aussie was unable to fully recover from intraday losses on Tuesday, thus, failing to retake the 0.70 major level. However, the monthly S2 support remains in play, providing solid support for the AUD/USD. A strong reading of Chinese Trade Balance today booster the Antipodean currency, as the data indicates an increase in demand of Australian goods. As a result, we should see the 0.70 psychological level be retaken today, while the immediate resistance at 0.7066 in face of the weekly PP is unlikely to be reached. Technical studies, on the other hand, are giving bearish signals. 

Traders' Sentiment 
Bullish traders' sentiment returned to its Monday's level of 74%. At the same time, the share of buy orders increased from 43 to 58%.
© Dukascopy Bank SA


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