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AUD/USD aiming for fresh weekly low

© Dukascopy Bank SA
"By the end of the year the unemployment rate may have risen from 6.0% in May to around 6.5%. This weakening in the labor market will be one of the factors that force the Reserve Bank of Australia to stop sitting on its hands and start cutting rates again." 
- Capital Economics (based on WBP Online) 


Pair's Outlook 
The Aussie appreciated against its US counterpart yesterday, but not as much as anticipated. The AUD/USD did test the immediate resistance at 0.7752, but was pushed back down to 0.7731, where trade closed. Nevertheless, the Australian Dollar is still likely to end the week lower and possibly even fall under the 0.77 psychological level. Currently the exchange rate has already dropped to a new weekly low and only the US fundamentals can determine whether trade will close above or under the 0.77 major level. Meanwhile, technical indicators retain the mixed signals in the daily timeframe.  

Traders' Sentiment 
Although not as strong as yesterday, but traders' sentiment remains bullish at 74%, while the portion of buy orders increased up to 70%.
© Dukascopy Bank SA


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