Dukascopy - Analytics

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AUD/USD soars to 0.77

© Dukascopy Bank SA
"The market is currently pricing in one more rate cut this year [by RBA] , but the neutral stance suggests there is the possibility of no more cuts, which explains the bounce in Aussie." 
- IronFX (based on CNBC) 

Pair's Outlook 
The Australian Dollar behaved according to the forecast yesterday. The Aussie failed to edge close to the immediate support level, as it only reached the 0.76 psychological level, but closed trade still slightly higher at 0.7612. Today, however, a rebound is expected, with the closest resistance located only at 0.7699 and represented by the weekly pivot point. Moreover, weak US fundamental data might push the given pair even higher to 0.7740, but the most probable outcome is the trade-end around 0.7670. Meanwhile, technical indicators are giving mixed signs.  

Traders' Sentiment 
Bulls gained some numbers, as three fourths of traders now hold long positions, while the portion of bulls decreased from 47 to 42%.
© Dukascopy Bank SA


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