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    AUD/USD to retake 0.78

    © Dukascopy Bank SA
    "The USD weakened through the London session, with the initial weakness extended on the back of generally disappointing US dataflow. The AUD squeezed higher on the USD weakness, but the NZD underperformed." 
    - ANZ (based on WBP Online)


    Pair's Outlook 
    The AUD/USD pair misbehaved yesterday, as a surge took place instead of a slump. The 0.7709 support level was tested, but the Aussie still managed to rise versus the Greenback. The pair also tested the 100-day SMA, before closing trade at 0.7774. The rally is likely to be extended and the Australian Dollar might overcome the 0.78 level again. The 100-day SMA still acts as the immediate resistance level, but a hike towards the upper Bollinger band is possible. Technical studies retain their mixed signals in the daily timeframe. 

    Traders' Sentiment 
    Today 66% of traders are long the Aussie, compared to 70% yesterday. The portion of purchase orders dropped from 37 to 35%.
    © Dukascopy Bank SA

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