Dukascopy - Analytics

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AUD/USD to undergo a correction

© Dukascopy Bank SA
"The Aussie is trading lower on the back of the release and in our view there is further scope for weakness especially versus the U.S. dollar and the New Zealand dollar." 
- BNP Paribas (based on CNBC) 


Pair's Outlook 
On Friday, the Australian Dollar managed to rebound from the 20-day SMA and settle at the highest level, unseen for two weeks. Moreover, the rally went rather smooth, as it was limited by the strong resistance cluster around 0.7425. However, the Aussie opened trade below the 0.74 level today, while a correction is expected to take place after. The major level of 0.74 is preventing the pair from appreciating at the moment, while the weekly PP is supporting the AUD/USD from below. A drop towards the PP is the most probably outcome, despite mixed technical indicators. 

Traders' Sentiment 
Today 74% of traders have a positive outlook towards the Aussie. Meanwhile, the portion of buy commands edged up from 39 to 43%.
© Dukascopy Bank SA


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