Dukascopy - Analytics


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AUD/USD risks falling back to 0.73

© Dukascopy Bank SA
"The Aussie was helped by RBA's Lowe comments, who said that he sees that the current AUD level is enough to support the economic growth, whilst he does not expect further rate cuts giving the rising household debt levels."
- Valeria Bednarik, FXStreet 

Pair's Outlook 
The Aussie negated more than half of Tuesday's losses yesterday, breaching the two immediate resistances. However, the AUD/USD pair was unable to move above 0.7380, as it edged closer to the 0.74 major level. The bearish bias is expected to persist today, forcing the Australian Dollar to retreat after yesterday's rally. The immediate support has already been breached, while the second one, namely the 20-day SMA, is holding for now. Nonetheless, losses are unlikely to exceed the 0.73 psychological level, as it is bolstered by the weekly S1 and prevented the decline in the previous two days. 

Traders' Sentiment 
Traders' sentiment remains bullish at 72%, although not as strong as before, while the share of buy orders edged up from 26 to 38%.
© Dukascopy Bank SA

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