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    AUD/USD rallies unexpectedly

    © Dukascopy Bank SA
    "The grounds for an additional rate cut [by the RBA] at the meeting on 3rd March are not compelling." 
    - Bank of Tokyo-Mitsubishi (based on WBP Online) 


    Pair's Outlook 
    Surprisingly, the AUD/USD currency pair did bounce back even before reaching the Bollinger band at 0.7716. The Aussie managed to turn the tide, despite yesterday's bearish indicators, and gained 29 pips. Today the indicators are giving bullish signals in the shorter time frame, whereas the longer-term ones are neutral. Hence, the Australian Dollar is likely to rally, until it meets resistance at the weekly R1 and upper Bollinger band.

    Traders' Sentiment
    Distribution between the long and short positions remained unchanged (61%), whereas the number of orders to buy the Aussie dropped by 10 percentage points to 34%, indicating growing supply of the currency at the nearby levels.
    © Dukascopy Bank SA

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