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AUD/USD struggles to breach 55-day SMA

© Dukascopy Bank SA
"The ongoing weakness in Chinese data and growth fears will just add downside pressure to the Australian dollar, whilst the kiwi is not too affected by it, it will be slightly but not as much. The Australian dollar certainly acts as a proxy currency for Chinese data." 
- OMF (based on The New Zealand Herald) 

Pair's Outlook 
The Australian Dollar appreciated against its US counterpart on Friday, but with gains still limited by the 55-day SMA. The Aussie is likely to have trouble edging higher today as well, as the 55-day SMA is now also reinforced by the weekly and monthly PP. At the same time, technical indicators are giving bearish signals, bolstering the possibility of the negative outcome. Immediate support rests around 0.7060, in face of the Bollinger band and the weekly S1; however, despite all bearish signs, we believe the AUD/USD could jump towards 0.72. 

Traders' Sentiment 

SWFX traders remain confident in the Aussie, as 72% of them are bullish, whereas 66% of all orders are to sell the AUD (up from 60%).
© Dukascopy Bank SA

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