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AUD/USD ensures bearish trend's collapse

© Dukascopy Bank SA
"We have been taken out of our short AUDUSD recommendation, while we have moved to the sidelines for now, we remain of the view that the outlook is bearish for the AUD." 
- BNP Paribas (based on Reuters) 


Pair's Outlook 
On Wednesday the Aussie skyrocketed on positive Australian GDP data, even breaching the eight-month down-trend. Another rally today is likely to set the AUD/USD currency pair on a bullish route towards the 0.75 major level. Today's obstacles are represented by the Bollinger band and the weekly R2 from the upside, while support is provided by the monthly R1 and the 200-day SMA around 0.7265. However, with the down-trend pierced, the commodity currency could even reach the second target at 0.7356 dollars, represented by the weekly R3. 

Traders' Sentiment 
Although not as strong as yesterday, but SWFX market sentiment remains bullish at 66%, compared to 68% on Wednesday. Meanwhile, there are slightly less orders to sell the Antipodean currency, as the portion of sell orders dropped from 69 to 66%.
© Dukascopy Bank SA


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