Dukascopy - Analytics

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    AUD/USD to test 0.73 major level

    © Dukascopy Bank SA
    "We still expect further declines in the AUD, especially as we anticipate pressure for policy tightening in the USA to gradually build over the rest of the year." 
    - RBS (based on FXStreet) 

    Pair's Outlook 
    The Australian Dollar behaved according to expectations, as the resistance cluster around 0.7445 not only prevented the rally, but also caused the AUD/USD to bounce back. Ultimately, the pair stabilised at 0.7370 after reaching the weekly S1. The bearish trend is likely to continue, thus, the Aussie should breach the weekly S1 today and close trade around the 0.73 support cluster. Technical indicators retain their bearish signals, although not as strong as before, but still suggesting the pair is to weaken further today. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish at 71%. At the same time, the share of orders to acquire the Aussie declined from 36 to 30%.
    © Dukascopy Bank SA

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