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AUD/USD sets eye on 0.74

© Dukascopy Bank SA
"Further depreciation of the [AUD] exchange rate will provide some assistance with the adjustment of the economy to the lower terms of trade."
- RBA (based on WBP Online)

Pair's Outlook 
Although the AUD/USD currency pair was able to reach the predicted target level of 0.7315 yesterday, the Aussie still remained relatively unchanged against the US Dollar. Ultimately, the pair suffered a five-pip loss, as the 20-day SMA kept providing strong support and is likely to do so again today. The Australian Dollar has the potential to reach the 0.74 major level once again and possibly even breach it if the US fundamentals disappoint. A strong resistance cluster rests around 0.7425, which should limit any substantial gains.  

Traders' Sentiment 
Bullish SWFX traders' sentiment remains unchanged at 73%, whereas the portion of purchase orders slid from 51 to 39%.
© Dukascopy Bank SA

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