Dukascopy - Analytics


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    AUD/USD aims to erase last week's losses

    © Dukascopy Bank SA
    "With the risk appetite/commodity environment expected to remain fragile, the AUD-USD may continue to reject the topside at 0.7500 while attempting to angle for sub-0.7400 levels." 
    - OCBC Bank (based on FXStreet)

    Pair's Outlook 
    The Aussie behaved almost according to the forecast, as it declined against the US Dollar yesterday. However, the 0.74 major level did not stop the fall, which resulted in the trade stabilising at 0.7391. Today the AUD/USD is likely to move up, ignoring the immediate resistance cluster around 0.7445. Potentially, we could see the Australian Dollar reach the 0.75 mark, but the pair will doubtfully have sufficient strength to climb so high. Trade is more likely to close around 0.7460. 

    Traders' Sentiment 

    Traders' sentiment remains unchanged, with 75% of all positions being long. At the same time, the number of orders to acquire the Aussie declined from 41 to 24%.
    © Dukascopy Bank SA

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