Dukascopy - Analytics


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    AUD/USD: largest rally in five months

    © Dukascopy Bank SA
    "What we saw last night ... was a reminder that a stronger dollar is effectively a tightening on monetary conditions in the U.S., so it does some of the work for the Fed."
    - HSBC (based on Reuters)

    Pair's Outlook
    The US Dollar longs were abandoned yesterday, amid the Fed's dovish statement. The pair attempted to breach the resistance trendline at 0.7834, but failed. As a result, the Aussie settled under the monthly PP, posting the largest gain in at least five months. Even though the technical studies are mixed, a correction is expected to develop on Thursday. The closest support level is located around 0.7735, but a stronger demand area is near 0.7650, represented by the weekly PP and monthly S1.

    Traders' Sentiment
    Bullish sentiment strengthened, as 69% of all positions are now long. The share of buy orders increased; 37% (previously 28%) of market participants plan to acquire the Aussie.
    © Dukascopy Bank SA

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