Dukascopy - Analytics

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    AUD/USD to find ceiling at 0.7160/40

    © Dukascopy Bank SA
    "The RBA appears a little more cautious on the global economy."
    - Commonwealth Bank of Australia (based on Bloomberg)

    Pair's Outlook
    Just like EUR/JPY, the Aussie is headed towards the major resistance trend-line (lower boundary of the broken triangle), which is highly unlikely to let the recovery from 0.6830 to extend beyond 0.7160/40. Additional arguments in favour of a sell-off are provided by the moving averages and indicators. And while there is a good chance of a rally from 0.7050 (lower trend-line of the short-term channel), the longer-term risks are heavily skewed to the downside.

    Traders' Sentiment
    Bulls remain in a distinct majority with 73% of the market (72% yesterday). On the other hand, demand for the Australian Dollar might soon increase, being that the share of buy orders 50 pips around the spot price soared from 40 to 69%.

    © Dukascopy Bank SA

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