Dukascopy - Analytics


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AUD/USD attempts to overcome the three-month high

© Dukascopy Bank SA
"Given the breadth of USD unwinding, 0.8520 is not an unreasonable target. But we continue to view this rally as being on borrowed time." 
- Westpac (based on FXstreet)

Pair's Outlook 
On Wednesday, the Aussie skyrocketed against the US Dollar, reaching the highest level in almost four months. The 0.81 level was breached, and the AUD/USD pair even attempted to reach the second resistance level. Nevertheless, the Australian Dollar is likely to settle around the cluster, as it has already stretched out as far as 0.8160, but failed to penetrate through this barrier. Meanwhile, technical studies are still showing bullish signs in the shorter timeframe. 

Traders' Sentiment 
Bulls keep gaining ground, as now 73% of all positions are long (previously 71%). The portion of buy orders almost doubled, as 74% of all commands are now to acquire the Aussie.
© Dukascopy Bank SA

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