Dukascopy - Analytics


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    AUD/USD slightly climbs

    © Dukascopy Bank SA
    "Although the Australian dollar had depreciated, particularly against the US dollar, it remained above most estimates of its fundamental value, particularly given the significant declines in key commodity prices."
    - RBA Minutes (based on WBP Online)

    Pair's Outlook 
    Yesterday the currency pair benefited from poor US fundamentals. AUD/USD added 18 pips, but resistance near 0.7650 turned out to be a formidable opponent, and the trading day ended with the price stopping at 0.7637. The technical studies suggest a bearish outcome for the Australian Dollar, while the US data are mixed. Hence, the Aussie is likely to decline from the supply area that prevented the pair from advancing on Monday. The closest support level is at 0.7584, represented by the Bollinger band.

    Traders' Sentiment
    Although not as strong as yesterday, but traders' sentiment remains bullish at 62%. The number of orders to acquire the Aussie edged up one percentage point to 33%.
    © Dukascopy Bank SA

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