Dukascopy - Analytics


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    AUD/USD slumps for the third consecutive day

    © Dukascopy Bank SA
    "This [rebound in Iron Ore prices] appears not to be helping AUD at all right now and prices for Q4 15 settlement remain about $10 lower than spot, yet iron ore at least offers a reason not to be overly bearish AUD/USD short term." 
    - Westpac (based on WBP Online) 

    Pair's Outlook 
    On Wednesday, the Aussie behaved according to the forecast. The AUD/USD fell down to 0.77, but still settled at 0.7734, just above the weekly S1. Technical studies are now giving bearish signals, indicating more weakness. The Australian Dollar has already plunged through the two closest support levels and is trying to pierce the third one. Unless the US fundamentals disappoint, we might even see a drop down to 0.76 psychological level, which is also bolstered by the monthly S1.  

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 71% (previously 74%). The portion of buy orders added one percentage point, as they now take up 60% of the market.
    © Dukascopy Bank SA

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