Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
    83% of positive reviews
    Real

    AUD/USD: monthly PP decides what the tide will bring

    © Dukascopy Bank SA
    "I think this [disappointing US economic data] has turned around and the dollar is back on a bullish trend." 
    - Morgan Stanley (based on CNBC)


    Pair's Outlook 
    Indeed, the 55-day SMA was too strong of a barrier to penetrate, resulting in the AUD/USD rebound. The pair managed to reach the monthly PP at 0.7834, but was pushed back to 0.7809, where it closed trade. Nonetheless, yesterday is considered to be a small setback and the bearish trend is likely to continue today. The Aussie has already bounced back from the monthly PP and even breached the two closest support levels. If the US fundamentals do not disappoint, we might even see a fall down to the lower Bollinger band at 0.7749 or even the weekly S1 at 0.7731. 

    Traders' Sentiment
    Bulls keep prevailing over bears, although 72% of traders are long the Aussie, while the portion of buy orders soared from 19 to 55%.
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree