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    AUD/USD backs away from 72 cents

    © Dukascopy Bank SA
    "There is a general skepticism towards a proper rate hike cycle by the Fed - that's been driving down the dollar [but] there's probably not that much room left for dollar weakness."
    - Commerzbank (based on CNBC)

    Pair's Outlook
    AUD/USD appears unwilling to make a decisive move above 72 cents, which would imply a continuation of the latest recovery to 73 cents. There the currency pair is bound to meet the long-term trend-line and the 200-day SMA, which are acting as the current ceiling. In case of a sell-off support should be found at 0.7144, where the 55-day SMA meets its big 100-day brother, and if this is not enough to prevent more Aussie weakness, next significant level will be only at 0.7070, consisting of the monthly PP and the up-trend.

    Traders' Sentiment
    There are somewhat less longs in the market than yesterday—their share declined from 73 to 71%. Concerning the orders, the portion of the sell ones grew from 55 to 60%

    © Dukascopy Bank SA

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