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AUD/USD attempts to establish a fresh five-year low

© Dukascopy Bank SA
"The fact that the Federal Reserve has been preparing the market for a hike in US rates has been instrumental in guiding the AUD lower vs. the USD." 
- Rabobank (based on FXStreet)

Pair's Outlook 
Last Friday, the Aussie's volatility established not only a fresh weekly low, but also a new weekly high. Nonetheless, the AUD/USD currency pair remained relatively unchanged on Friday, adding only three pips, while Sunday's drop erased that insignificant gain. As a result, the Australian Dollar opened trade just under the 0.73 psychological level, which is also bolstered by the weekly PP. The Australian appears to be struggling to breach the resistance, therefore, a slump is the most probable outcome; and if the US fundamentals improve, we might see the pair drop down to 0.7230. 

Traders' Sentiment 
Traders' sentiment improved, as 72% of all positions are now long. The share of sell commands also grew, from 62 to 69%.
© Dukascopy Bank SA


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