Dukascopy - Analytics

    Dukascopy

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    AUD/USD slides back under 0.70

    © Dukascopy Bank SA
    "The main theme this morning is of commodity currencies being under pressure. A lot depends on the oil price. If we see a sharp drop back to the levels we saw last week, we can see another round of the market nerves we have been seeing." 
    - Commerzbank (based on CNBC) 


    Pair's Outlook 
    Rather than experiencing a sell-off, the AUD/USD currency pair remained relatively unchanged on Friday, adding only two pips. Today the Australian Dollar is expected to weaken, as technical indicators retain their bearish signals in the daily timeframe. The closest support is located around 0.6960, represented by the monthly S2 and the weekly PP, while the nearest resistance lies around 0.7046 in face of the 20-day SMA. Furthermore, the 55-day SMA is on the edge of crossing the 100-day one to the downside, providing an extra signal to sell the Aussie. 

    Traders' Sentiment 
    Bulls remain strong, as 71% of all open positions are long (previously 73%), while the percentage of buy orders inched up from 43 to 53%.
    © Dukascopy Bank SA

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