Dukascopy - Analytics

    Dukascopy

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    AUD/USD to continue sliding down

    © Dukascopy Bank SA
    "It [China] does need to be watched but at the moment that [GDP] 7 percent print is going to give the market some comfort. In the margins that has helped currencies like the Aussie today." 
    - OCBC Bank (based on CNBC) 


    Pair's Outlook 
    The AUD/USD did not present any surprises, as the pair advanced yesterday. However, trade closed just 14 pips under the target level of 0.7460, at the monthly S2. Technical studies are now giving distinctly bearish signals, suggesting the Aussie is to weaken versus its US counterpart and resume its bearish trend. The nearest significant support is located at 0.7350, namely the weekly S1, but we might also see a drop towards the cluster just above the 0.73 psychological area. 

    Traders' Sentiment 
    Market sentiment returned to its last Friday's level of 74%. Meanwhile, there are now more buy orders, as their portion returned to its last Friday's level as well.
    © Dukascopy Bank SA

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