Dukascopy - Analytics

Dukascopy

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AUD/USD diverges with the RSI

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"This is a 'buy-the-dip' environment. We are in a weak growth and low inflation climate globally."
 - Larry Milstein at R.W. Pressprich &Co.(based on Reuters)

Pair's Outlook
The US Dollar depreciated significantly versus the Australian counterpart after the brave hike to the weekly PP level at 0.783. On the 4– hour chart the early Wednesday morning session formed a bearish engulfing candlestick, leading the pair's investors to sell. The bottom-line RSI divergence hints on a movement reversal sooner or later. The next major resistance level is placed at 0.769, which is the 2007 year low.


Traders' Sentiment
The market have not lost any participants and the sentiment appears to be bullish with 62% of buying positions. 64% of traders hold their 50– pip pending orders long and the 100– pip ones are mostly bought too, with 55% of the case.
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