Dukascopy - Analytics


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AUD/USD attempts to break through 0.77

© Dukascopy Bank SA
"Our current view is that [RBA's] rates will remain on hold throughout 2015 and 2016 while recognising that since the last Board meeting the case for even lower rates has strengthened."
- Westpac (based on FXStreet)

Pair's Outlook 
In spite of some volatility, the AUD/USD currency pair remained flat on Tuesday, as the it declined only one pip. The 0.77 psychological level remains unclaimed, but the Aussie is likely to take up the challenge today. The closest resistance I located at 0.7737, represented by the 20-day SMA, but the Australian Dollar might still stabilise around 0.77. From below the pair is supported by the weekly PP, which prevented a loss yesterday and should provide enough support today. Meanwhile, technical indicators, conversely, retain strong bearish signs. 

Traders' Sentiment 
Market sentiment remains bullish, but now at 72% (previously 73%), while buy orders now take up the majority of the market (51%).
© Dukascopy Bank SA

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