Dukascopy - Analytics

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    AUD/USD gives 0.74 another shot

    © Dukascopy Bank SA
    "Markets near term are also likely to continue to lean towards the risk of another RBA rate cut, limiting the scope of AUD gains on crosses."
    - WIB (based on WBP Online) 


    Pair's Outlook 
    Even though the Aussie managed to reach the resistance cluster around 0.7425, it lacked the strength to maintain trade above 0.74. Nevertheless, the Australian Dollar still stabilised above the third resistance level and is unlikely to undergo a correction today. The monthly PP and weekly R2 is now the immediate resistance cluster, however, the pair will doubtfully reach that high. The 0.74 level should at least be tested if the US fundamentals surprise to the downside. Nevertheless, the Aussie's overall trend remains bearish.

    Traders' Sentiment  
    There are now exactly three quarters of long positions, up from 73%. Meanwhile, the portion of buy commands remains almost unchanged, up one percentage point to 41%.
    © Dukascopy Bank SA

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