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    AUD/USD surges ahead of FOMC minutes

    © Dukascopy Bank SA
    "The markets are also wary that the Fed, Bank of Japan and Bank of England are holding their monetary policy meetings this week. Most will be interested to see how much Brexit risks have dampened Fed Chair Janet Yellen's optimism." 
    - DBS Group Holdings Ltd. (based on Bloomberg) 


    Pair's Outlook 
    The AUD/USD inched lower on Tuesday, as the immediate resistance weighed on the pair, causing the immediate support to be pierced. The Aussie, however, managed to avoid sharp losses, as the second target, namely the cluster just under 0.73 was not reached. Due to the Fed expected to leave interest rates unchanged today, the Australian currency has the potential to recover from this week's losses. The first target is the 100-day SMA and the weekly PP cluster, but according to technical indicators, the Aussie could well surge beyond the 0.74 psychological level if the FOMC statement is dovish.

    Traders' Sentiment 
    Nearly three quarters (74%) of traders are holding long positions today, compared to 73% on Tuesday. Meanwhile, there are 77% of all pending orders to sell the Australian Dollar today.
    © Dukascopy Bank SA

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