Dukascopy - Analytics


    485.50 6.00/10
    83% of positive reviews

    AUD/USD keeps climbing down, still caged between weekly S1 and PP

    © Dukascopy Bank SA
    "All of the commodity currencies are taking a hammering from the dollar's rise. There should be more pressure to come." 
    - A dealer at an international bank in London (based on CNBC)

    Pair's Outlook 
    On Friday, the AUD/USD currency pair negated last Thursday's gains, but failed to reach the nearest support level at 0.7350. As a result, the Aussie stabilised at 0.7370, remaining vulnerable to more weakness today. The 0.74 major level along with the weekly PP are now providing substantial resistance, while from below the Australian Dollar remains supported by the weekly S1, now at 0.7315. Although technical studies are showing bearish signals and volatility stretched out to 0.7327, immediate support is unlikely to be reached. 

    Traders' Sentiment 
    Exactly three quarters of all positions are now long, whereas the portion of orders to acquire the Aussie increased from 38 to 43%.
    © Dukascopy Bank SA

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