Dukascopy - Analytics


463.75 6.25/10
83% of positive reviews

AUD/USD extends recovery

© Dukascopy Bank SA
"When you look at global developments, in particular China, commodity prices, and implications on Australia's real economy, we would have to say that it fits into a picture whereby the case to cut is stronger." 
- RBC Capital Markets (based on Business Recorder) 

Pair's Outlook
After some minor volatility, the Aussie managed to appreciate against the US Dollar and pierce the immediate resistance. The 0.71 major level played its part and kept the Australian Dollar afloat, also limiting the volatility to the downside today. Gains are likely to be limited by the weekly S2 at 0.7157, while the 0.71 major level is also reinforced by the lower Bollinger band and monthly S1. However, we should not rule out the possibility of a slump under 0.71, as technical indicators keep showing mixed signs.  

Traders' Sentiment 
Although not as strong as yesterday, but SWFX traders' sentiment remains bullish at 74% (previously 75%). The portion of orders to acquire the Aussie declined even more, down to only 17%.
© Dukascopy Bank SA

To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree