Dukascopy - Analytics


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AUD/USD stuck in a sideways trend

© Dukascopy Bank SA
"This rebound in the Australian dollar will provide quite an interesting opportunity to get back into longer-term short positions."
- Morgan Stanley (based on Bloomberg)

Pair's Outlook
AUD/USD has recently encountered the lower boundary of the seven-month bearish channel, meaning the near-term outlook is from neutral to positive. The pair is likely either to stay near 0.78 until it hits resistance trend-line or to attempt to approach a cluster of resistances just above 0.79 before extending the decline from the 2014 high. Meanwhile, the studies insist the Aussie is to lose more value before we see a pronounced recovery.

Traders' Sentiment
Despite AUD/USD trading flat the share of bulls in the market jumped from 50 to 63%. At the same time, demand 100 pips from the current price is weakening, as the percentage of orders to acquire the Aussie dropped from 60 to 44%.
© Dukascopy Bank SA

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