Dukascopy - Analytics

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    AUD/USD to stabilise at 0.7050/40

    © Dukascopy Bank SA
    "Over the period ahead, new information should allow the board to judge whether the recent improvement in labor market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand."
    - RBA (based on Bloomberg)

    Pair's Outlook
    Yesterday, the Aussie completed a correction within the bullish channel, meaning today the currency is likely to close in green. If this is the case, we should soon see AUD/USD probing 0.7140, where the upper boundary of the pattern is reinforced by the 55 and 100-day SMAs. Even if the price advances past 0.7140, the general outlook will still remain bearish, being that we expect the rate to find ceiling at 0.7180. There AUD/USD  will meet the trend-line that played the role of the lower edge of the recently broken triangle.

    Traders' Sentiment
    There are still a lot more bulls in the market than there are bears—71% of open positions are long. Concerning the orders placed 100 pips around the spot, 56% of them are commands to sell.

    © Dukascopy Bank SA

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