Dukascopy - Analytics

    Dukascopy

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    AUD/USD recovers over 0.76

    © Dukascopy Bank SA
    "In case of a failure to breach 0.7550, AUD/USD may rebound sharply and swing back higher for a retest of 0.77 handle and beyond." 
    - Dhwani Mehta, FXStreet


    Pair's Outlook 
    As anticipated, AUD/USD failed to close at 0.76. Instead, the currency pair slumped 79 pips, erased all the last week's gains, and stabilised only at 0.7583, just above the weekly S1. This is yet another sign that the bears are still in play. Despite mainly mixed technical indicators, the Aussie is likely to edge slightly up. The weekly PP and 20-day SMA merge into a resistance cluster around 0.7660; however, the Australian Dollar might not reach such high levels before the end of the trading session. 

    Traders' Sentiment 
    Trader's outlook towards the Aussie remains bullish, with 62% of positions being long. Meanwhile, the number of sell orders added one percentage point, and they now account for 66% of the total.
    © Dukascopy Bank SA

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