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    AUD/USD targets 0.77

    © Dukascopy Bank SA
    "After the optimistic comments we had from other Fed officials in the recent past, we expect Yellen to be more balanced compared to a very dovish Fed statement, clearly that will be a driver for the dollar today." 
    - Nomura (based on CNBC) 


    Pair's Outlook
    The Aussie soared against its US Counterpart on Tuesday, amid Fed Yellen's dovish statement. As a result, the AUD/USD currency pair breached two main resistances and stabilised above the 0.76 major level. The Aussie is supported by the weekly R1 at 0.7607, preventing the exchange rate from dropping lower. At the same time, the Bollinger band, the weekly R2 and the July 2015 high form a strong resistance cluster around 0.7710. The pair is unlikely to breach this area and close trade without climbing over the 0.77 major level. Meanwhile, technical indicators are supporting the probability of this scenario. 

    Traders' Sentiment
    Today 68% of traders hold long positions, opposed to 71% yesterday. The portion of purchase orders experienced a sharp drop, as only 38% of all pending orders are to buy the Aussie (previously 54%).
    © Dukascopy Bank SA

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