Dukascopy - Analytics

    Dukascopy

    488.50 6.00/10
    83% of positive reviews
    Real

    AUD/USD reaches Jan 28 high

    © Dukascopy Bank SA
    "The dollar sell-off probably also reflects positioning ahead of the FOMC statement this evening. While understandable, we do not expect the statement to change in any notable way from the statement released after the March meeting."
    - Bank of Tokyo-Mitsubishi (based on WBP Online)


    Pair's Outlook 
    We underestimated the Aussie's strength, and thus the AUD/USD pair overperformed dramatically. The third closest resistance level was pierced, as the Australian Dollar gained 131 pips. Moreover, the Aussie tried to reach for the weekly R3, but closed trade just under 0.80 . Technical indicators retain bullish signals, suggesting another surge today. The 0.80 level is likely to be breached, while the weekly R3 should limit any further gains. Nonetheless, if US fundamentals disappoint once more, we might see the AUD/USD rise even towards the 200-day SMA around 0.81. 

    Traders' Sentiment 
    Today 69% of traders are long the Aussie (previously 66%). The percentage buy orders added two percentage points up to 52%.
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree