- DBS Group Holdings Ltd. (based on Bloomberg)
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.
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.