Dukascopy - Analytics


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    AUD/USD turns the tide

    © Dukascopy Bank SA
    "We think incoming economic data will ultimately prove the rates market too pessimistic as our economists expect a rebound in the pace of growth in Q2 and a first fed funds hike in September." 
    - BNP Paribas (based on WBP Online)

    Pair's Outlook 
    Despite some serious volatility to the upside, the AUD/USD barely changed yesterday. A slight decline took place, as the pair was unable to maintain its position over the 0.80 level. A correction is likely to take place on Thursday. Immediate support rests at 0.7941, represented by the weekly R2, while the 0.79 psychological level, along with the weekly R1, should provide a stronger obstacle. However, technical studies retain their bullish signals, suggesting the Aussie is to climb higher. 

    Traders' Sentiment 
    The portion of long positions increased by two percentage points up to 71%. At the same time, there are now even more orders to acquire the Australian Dollar, namely 58% of them.
    © Dukascopy Bank SA

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