Dukascopy - Analytics


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AUD/USD bounces back from weekly S1

© Dukascopy Bank SA
"Coupled with the stabilisation in global risk appetite, the market now again entertains the idea of a potential Fed rate hike this year in December." 
- ING (based on CNBC) 

Pair's Outlook 
The Aussie appreciated against the Greenback slightly more than anticipated, as the immediate resistance in face of the weekly S2 was crossed. Today the AUD/USD tested the 0.72 psychological level, also bolstered by the weekly S1, which caused the pair to turn around and start declining. The weekly S2 now acts as the nearest support, but a retreat towards the 0.71 level is more likely, as it prevented the Australian Dollar from edging lower on several occasions this week. A break of this level might trigger a slump towards the April 2009 low in the longer term. 

Traders' Sentiment 
Although not as strong as yesterday, market sentiment remains bullish at 71%. The portion of sell orders decreased from 83 to 73%.
© Dukascopy Bank SA

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