Dukascopy - Analytics


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AUD/USD stuck in tight range between 0.76 and 0.77

© Dukascopy Bank SA
"There remains no tension over the RBA's decision on the cash rate on Tue, with neither June nor July seen as "live" for a change in rates." 
- Westpac Banking Corporation (based on FXStreet)

Pair's Outlook 
The Australian Dollar declined against the Greenback for the fourth day in a row at the end of last week. The weekly S2 failed to stop the AUD/USD from falling, whereas the lower Bollinger band succeeded. Even though the Aussie is seen rebounding in mid-day, it should still edge lower by the end of Monday. This time the pair might reach the 0.76 psychological level, while the nearest support lies only around 0.7565. At the same time, technical studies keep giving bearish signs, bolstering the negative outcome. 

Traders' Sentiment 
The portion of bulls remained unchanged at 70%. Meanwhile, The share of commands to acquire the Aussie added ten percentage points. The orders now take up 47% of the market.
© Dukascopy Bank SA

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