Dukascopy - Analytics


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    AUD/USD stuck between two levels

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    "Such financial transactions benefit the Australian economy by opening up more sources of funding." 
    - Gulf Asia Shari'ah Compliant Investments Association (based on Bloomberg)

    Pair's Outlook
    The AUD/USD pair saved the price set on Friday, forming a doji candle pattern. Currently, the pair seems to be stuck between the Alligator(13,8,5) at 0.78 and the weekly PP level at 0.775. Once the cross met the bottom line from the down-trend channel formed since May 2011, its traders started to hesitate about the further move. The daily chart shows a slight RSI divergence.

    Traders' Sentiment
    Most of the market participants are currently bullish since 62% of all are buying the pair. Together with that, traders are preserving themselves by placing 50– pip pending orders short in case of the downside move.
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