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AUD/USD gives another crack at 0.80

© Dukascopy Bank SA
"Certainly this decline in the [US] dollar index from the recent highs is shaping a lot of price activity across the commodity complex." 
- Societe Generale (based on CNBC)

Pair's Outlook 

Even though the AUD/USD currency pair stretched out above the 0.80 level, it still closed trade only at 0.7952. The Aussie did not appreciate too much against the US Dollar, only 24 pips, as was foretold. Today the Australian Dollar is expected to rise again, as technical indicators are distinctly bullish. Immediate resistance retains its position around 0.8004. If the US fundamentals turn out to be a lot worse than anticipated, the given pair might even surge towards the 200-day SMA, erasing last week's losses. 

Traders' Sentiment 
Bulls keep growing in number, as 68% of all positions are now long, compared to 67% yesterday. Meanwhile, the portion of buy commands increased from 49 to 59%.
© Dukascopy Bank SA


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