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    AUD/USD to rebound from rising wedge's support

    © Dukascopy Bank SA
    "Markets are looking to Yellen's testimony this week to see whether she will still leave an option open for a March rate increase or sound dovish."
    - Sumitomo Mitsui Trust Bank Ltd. (based on Bloomberg)

    Pair's Outlook 
    The AUD/USD currency pair experienced a rather sharp loss on Friday, as the supply around the 0.72 major level proved to be impenetrable. The given pair's trading range keeps widening each day, but we should now see a rally, as demand around up-trend just below the opening price is strong. In order for the rally to be able to reach the long-term down-trend, the Aussie is required to first overcome the weekly and the monthly PPs, while the key resistance is represented by the 55 and 100-day SMAs around 0.7140.  

    Traders' Sentiment 
    There are now 72% of traders holding long positions, compared to 71% previously. At the same time, the portion of orders to acquire the Australian Dollar increased from 40 to 42%.
    © Dukascopy Bank SA

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