Dukascopy - Analytics

Dukascopy

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AUD/USD struggles to surpass the trend line

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"Given current market pricing, any outcome short of a cut may disappoint the market. Even a dovish statement implying a potential cut in the near future may not put much further pressure on AUD." 
- Deutsche Bank (based on Reuters)


Pair's Outlook
The AUD/USD was little volatile today and kept the price generally unchanged. The Friday trades lifted the cross to the upside for about 71 pips where it met the Alligator (13,8,5) jaw at 0.787, forming a daily high. The pair is trading within a falling channel, formed from September 2014. However, the current price has been hold by a long– term channel's bottom trend line at 0.785, acting as a resistance for appreciation.


Traders' Sentiment
The market met some new buyers as 64% of all are long currently. Whilst the 50– pip pending orders are being mostly sold since 67% of traders expect the AUD/USD depreciation. The 100– pip ones will be sold by 60% of all.
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