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AUD/USD: correction inbound

© Dukascopy Bank SA
"Monetary policy can help support the global economy, but ultimately it cannot be the fundamental driver of economic growth." 
- RBA (based on WBP Online)


Pair's Outlook 
On Wednesday, the Aussie tested the upper Bollinger band, but eventually settled just under the weekly PP at 0.7815. Compared to Wednesday, the AUD/USD pair barely climbed. According to the technical studies, Australian Dollar is expected to remain unchanged; however, the recent gains are likely to be followed by a bearish correction. Thus, the Aussie is likely to decline, while supports capable of preventing large losses are set at 0.7796 and 0.7782.

Traders' Sentiment 
Although not as strong as yesterday, but the market sentiment among SWFX traders remains bullish with 60% of all positions being long. However, the number of buy orders dropped down to 39%.
© Dukascopy Bank SA


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