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    AUD/USD makes a U-turn after a full week of declines

    © Dukascopy Bank SA
    "The level of USD longs recovered some ground last week, this may also be a reflection of safe-haven demand. Net AUD shorts dropped a little further last week, though Chinese growth and currency risks have been weighing on the spot rate." 
    - Rabobank (based on WBP Online) 


    Pair's Outlook
    The bearish momentum prevailed on Friday, eventually pushing the AUD/USD currency pair below the monthly S2 to 0.6950. Furthermore, the Australian Dollar remains volatile today, as the exchange rate touched the 0.6927 level under the opening price, being only 20 pips away from the 2015 low. Technical studies are no giving bullish signals, implying trade is to maintain above the immediate support, namely the monthly S2. The closest resistance is represented by the Bollinger band around 0.6984, but is unlikely to prevent the Aussie from closing above the major level of 0.70.  

    Traders' Sentiment 
    Bullish traders' sentiment returned to last Monday's level of 74%. At the same time, the portion of sell orders inched up from 57 to 58%.
    © Dukascopy Bank SA

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