Dukascopy - Analytics


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    AUD/USD attempts to overcome 0.80

    © Dukascopy Bank SA
    "Inflation [in Australia] is forecast to remain consistent with the target over the next one to two years, even with a lower exchange rate." - RBA (based on The New Zealand Herald)

    Pair's Outlook 
    On Tuesday, the Aussie overperformed, as it climbed up much more than anticipated. The resistance cluster at 0.79 was easily pierced, and overall, the AUD/USD pair gained 90 pips. On Wednesday, the rally is expected to continue, while technical studies suggest the same, as they are showing bullish signs. Immediate resistance is located at 0.8004, represented by the weekly R1 and upper Bollinger band; however, the Australian Dollar is unlikely to rise that high, unless the US fundamentals disappoint with weak data.

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 67%. The gap between purchase and sell orders narrowed, as 49% of them are to buy and the remaining 51% to sell the Aussie.
    © Dukascopy Bank SA

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