Dukascopy - Analytics


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    AUD/USD takes another shot at reaching triangle's border

    © Dukascopy Bank SA
    "The most significant move we've seen in the last 24 hours are signs of weakness in the dollar - maybe the market is taking a pause after the big moves we had in the wake of (U.S.) non-farm payrolls." 
    - HSBC (based on Reuters) 

    Pair's Outlook 
    The AUD/USD unexpectedly suffered a small decline on Tuesday, but remained above the Monday's opening price. Today the Aussie is likely to take advantage of the bank holiday in the US and outperform the Greenback. However, a return within the triangle pattern's borders is unlikely, as the trend-line is bolstered by the weekly PP and the 0.71 psychological level, which altogether should limit the volatility. Technical indicators, on the other hand, retain their bearish signals, suggesting the pair could slump towards the Bollinger band around the 0.70 mark. 

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 70%. The number of buy orders edged up from 28 to 63%.
    © Dukascopy Bank SA

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