Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
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    AUD/USD on the verge of reaching 0.78

    © Dukascopy Bank SA
    "AUD remains sensitive to the speculation around next week's RBA rate decision. The past two weeks have seen significant paring of RBA rate cut bets, even though analysts overwhelmingly expect a cut next week." 
    - BNZ Markets (based on WBP Online)


    Pair's Outlook 
    The Australian Dollar plunged yesterday, despite bullish technical indicators. The initial support at 0.7941 failed to stop the fall, as was anticipated. Furthermore, the 0.79 psychological level barely managed to do provide support, as the AUD/USD pair even reached 0.7860 during the trading hours. As a correction has begun, we expect the Aussie to extend losses, despite technical studies showing distinctly bullish signs. The closest support is located at 0.7885, the weekly R1, although the pair is likely to edge even lower, possibly even towards the newly established monthly PP at 0.7834. 

    Traders' Sentiment 
    Market sentiment remains unchanged, with 71% of all positions being long, while the share of purchase orders slid from 58 to 52%.
    © Dukascopy Bank SA

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