Dukascopy - Analytics


    472.25 6.25/10
    83% of positive reviews

    AUD/USD eyes 0.7140

    © Dukascopy Bank SA
    "It's difficult to commit to positions, because one minute it's risk-on, the next it's risk-off."
    - Altana (based on CNBC)

    Pair's Outlook
    The recently formed up-trend is holding well, meaning the chances of the Aussie preserving the bullish momentum remain on the table. The immediate resistance is represented by the weekly R1 at 0.7087. However, we are inclined to believe that AUD/USD has the potential to advance further north, up to 0.7140, where it is going to meet the monthly S1, the 55– and 100-day moving averages, and the recently broken trend-line that connects September and November lows as well.

    Traders' Sentiment
    The distribution between long and short positions is still heavily skewed in favour of the former—they take up three fourths of the market. Meanwhile, 54% of pending orders are to buy the Aussie.

    © Dukascopy Bank SA

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