Dukascopy - Analytics

    Dukascopy

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    AUD/USD tumbles confidently in two days

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    "The overall levels of [Australian] business confidence don't look strong and we all need to be concerned if they remain weak for a long period of time."
     - CBA (based on Reuters)


    Pair's Outlook
    AUD/USD spring back the long– term boundary of a bearish trend and continues to head lower. The US Dollar depreciated today, falling below the weekly PP level at 0.776 and heading towards the next support at weekly S1, 0.765. However, the first level that needs to be surpassed is the 2007 year low at 0.769. Meanwhile, all the SMAs are pointing to the south.


    Traders' Sentiment
    Despite AUD/USD is expected to appreciate significantly, as 86% of the market participants hold the 50– pip pending orders short. The 100– pip ones will be bought by 65% of all. The Overall sentiment is neutral, though, on the weekly and monthly outlook.
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