Dukascopy - Analytics

    Dukascopy

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    AUD/USD erases last week's losses

    © Dukascopy Bank SA
    "Despite a slowing China and depressed iron ore prices the Aussie remains reluctant to head lower for now." 
    - FX Pro (based on CNBC)


    Pair's Outlook 
    The Australian Dollar edged up on Wednesday, and even slightly exceeded expectations. The Aussie pierced through the initial resistance cluster and tested the next level around 0.7704, before stabilising at 0.7675. Upward momentum is likely to persist, although the resistance cluster around 0.7700 will be hard to breach, unless the US fundamentals weaken the Greenback. In that case, the AUD/USD pair might even break through the trend-line and rally towards 0.7742. 

    Traders' Sentiment 
    Market sentiment improved, as long positions added four percentage points and now account for 66%. Meanwhile, the sell commands gained numbers and now take up 62% of the market.
    © Dukascopy Bank SA

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