Dukascopy - Analytics


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    AUD/USD touches channel's resistance

    © Dukascopy BanK SA
    "Yet China's holidays won't dissipate concerns over its growth pulse, limiting the upside on AUD/USD. On the week, 0.69-0.72 should capture the bulk of trade, with risks still lower multi-week/month as iron ore prices falter in response to ramped up supply." 
    - Westpac (based on FXStreet) 

    Pair's Outlook 
    The Australian Dollar negated this week's losses, but failed to remain above the Monday's opening price and stabilised only at 0.7015. The Aussie received a boost today in face of better-than-expected Chinese manufacturing sector figures, which should help the given pair to climb higher today. A strong resistance rests around 0.7060, represented by the weekly and monthly PPs, as well as the 20-day SMA and the channel's upper trend-line. Despite bearish technical indicators, the AUD/USD should close trade somewhere within the resistance cluster. 

    Traders' Sentiment 
    Today 70% of traders are long the Aussie (previously 75%), whereas the share of sell orders increased four percentage points to 67%.
    © Dukascopy BanK SA

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