Dukascopy - Analytics

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AUD/USD in tight range between weekly and monthly PPs

© Dukascopy Bank SA
"That said there is still a big debate about how fast the Fed can start raising rates. We have had a very disappointing first quarter in the U.S., we need to know how much that is just weather and other temporary factors." 
- Rabobank (based on CNBC)


Pair's Outlook 
The AUD/USD pair behaved according to expectations, as climbed slightly up. The Aussie ended the trade session just over the monthly PP, as it gained 11 pips yesterday. Technical studies retain their distinctly bullish signs, suggesting the rally to continue. The nearest resistance lies at 0.79 psychological level, which is also backed by the monthly PP. Nevertheless, the Australian Dollar is unlikely to stabilise that high, whereas the pair will most probably close the day between the monthly and weekly pivot points. 

Traders' Sentiment 
Bullish market sentiment returned to its last Friday's level of 71%. The portion of buy commands added ten percentage points. Now 45% of all orders are to acquire the Aussie.
© Dukascopy Bank SA


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