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AUD/USD falls back, negates gains

© Dukascopy Bank SA
"[Fed] June hike is now clearly off the table, though we stick with our pick for a September hike. It was also not too cold to suggest Q1 growth softness is gaining negative momentum in Q2. Consequently, the data supported both bond and equity performance." 
- BNZ Markets (based on WBP Online)


Pair's Outlook 
The AUD/USD pair slightly underperformed at the end of last week. After substantial volatility, the Aussie managed to surge, reaching the 0.7960 anticipated area, but closing trade 30 pips lower. Today the Australian Dollar is expected to undergo a correction and decline. The weekly PP at 0.7913 acts as an immediate support, although a dip towards 0.79 psychological level is more likely, since that area prevented the pair from edging lower before. Meanwhile, technical indicators keep showing distinctly bullish signs, conversely. 

Traders' Sentiment 
Market sentiment of SWFX traders improved today, as 71% of all positions are long, compared to 67% on Friday. The portion of buy orders is now in the minority, accounting for only 48%.
© Dukascopy Bank SA


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