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    AUD/USD: fresh five-year low inbound

    © Dukascopy Bank SA
    "The decline in commodities prices recently is still to be fully priced in to the Aussie and if it isn't then we think the Reserve Bank (of Australia) will deliver (interest rate) cuts, something which isn't priced in to the market." 
    - BNP Paribas (based on Reuters) 


    Pair's Outlook 
    Despite expectations, the AUD/USD currency pair declined on Thursday, as it failed to resume trade above the 0.74 psychological level. Moreover, the Aussie is likely to suffer even more losses today and reach a fresh five-year low under 0.73. Consequently, the immediate support around 0.7310 should fail in preventing the fall, whereas the cluster around 0.7270 could give in as well, if the US fundamentals provide the Greenback with a strong enough boost. Technical studies are supporting the negative outcome, as most of them are giving sell signals. 

    Traders' Sentiment 
    Bulls traders' sentiment remains unchanged at 71%, whereas there are now 53% of commands to acquire the Aussie (previously 45%).
    © Dukascopy Bank SA

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