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BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

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  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 0.78% Oil - US Crude: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YIgPqIQiO8
  • Mitch McConnell: There is no GOP support for repealing the tax bill $USD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.36%, while traders in France 40 are at opposite extremes with 75.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XaeYYJbglR
  • The US Dollar (via the DXY Index) continues to trade lower after losing the uptrend from the February and March swing lows. Get your $USD market update from @CVecchioFX here:https://t.co/bvAaeNSVO3 https://t.co/tfKhSt85iN
  • Fed: - Directors of the Federal Reserve saw inflation increasing to 2% or even above
  • Fed: - Directors saw economic recovery gaining momentum - Directors are upbeat about the future, but there is still a lot of doubt - No change in the discount rate was requested by directors of all 12 districts
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: France 40: 0.33% US 500: 0.14% FTSE 100: -0.04% Germany 30: -0.05% Wall Street: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0EWmhOp4AD
  • It is our (mine as well) default habit to look for the breakouts with pressurized trend potential, but current mkt conditions don't support those kinds of setups. That said, $GBPUSD still looks like a good range picture https://t.co/3kcg34Mw0B
  • $EURUSD has continued higher today amidst further US Dollar weakness following the CPI print and a strong 30yr bond auction. The pair is currently trading around the 1.1940 level, at a three week high. $EUR $USD https://t.co/GTIUH2dxov
  • US 10yr Treasury yields have fallen further following the strong auction in the 30yr. After hitting a weekly high around 1.70% this morning, yields have dropped to a multi-day low around 1.625%. $USD https://t.co/7rK6uh1uJn
Four-Day Losing Streak Breaks Aussie Down to Three-Month Lows

Four-Day Losing Streak Breaks Aussie Down to Three-Month Lows

Michael Boutros, Strategist

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AUD/USD Daily Chart

AUD/USD Price Chart - Daily Timeframe

Technical Outlook: Aussie broke below confluence slope support at ~7778 last night on the heels of a lackluster print on 3Q CPI. The decline is now targeting a critical support confluence highlighted in yesterday’s weekly technical perspective at 7630/65. A break below this mark risks substantial losses for the pair with such a scenario eyeing the lower median-line parallel, currently ~7570s.

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AUD/USD 240min

AUD/USD Price Chart - 240min Timeframe

Notes:A closer look at price action highlights AUDUSD trading within the confines of a descending pitchfork formation extending off the yearly highs. Note that the lower 50-line (blue) converges on yearly slope support (red) around 7675 with the 61.8% retracement of the May advance just lower at 7632- an area of interest for possible exhaustion / long-entries.

Interim resistance now stands at 7750 with our immediate focus lower while below the median-line / November highs at ~7778. Bottom line: looking lower for a reaction at critical long-term support for a possible near-term recovery in price. Added caution is warranted heading into the close of the week with the release of US 3Q GDP figures likely to fuel increased volatility in the USD crosses.

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AUD/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long AUDUSD- the ratio stands at +1.16 (53.6% of traders are long) – Weak bearishreading
  • Long positions are 2.9% lower than yesterday and 3.8% lower from last week
  • Short positions are 11.0% lower than yesterday and 10.1% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger AUDUSD-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in AUD/USD retail positioning are impacting trend- Click here to learn more about sentiment!

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- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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