Dukascopy - Analytics


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    Aussie declines against broadly stronger USD

    © Dukascopy Bank SA
    "With the futures market pricing in a close to 70 percent odds of a December rate action, USD strength is likely to persist." 
    - IG Securities (based on Business Recorder) 

    Pair's Outlook 
    The Aussie easily pierced the 100-day SMA and ended up closing at the down-trend on Friday. The price has already bounced back significantly, leading the AUD/USD towards the immediate support cluster's lowest border, namely the monthly PP at 0.7171. Another strong support rests around 0.7130, represented by the weekly S1; 20 and 55-day SMAs, but will doubtfully be reached. Last week's rally extension is highly unlikely, as the current down-trend has been providing resistance for over a year now. 

    Traders' Sentiment 
    The number of traders with a positive outlook towards the Aussie increased to 71% (previously 70%). There portion of orders to acquire the Antipodean currency also edged up, from 27 to 42%.
    © Dukascopy Bank SA

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