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    AUD/USD remains subject to weakness

    © Dukascopy Bank SA
    "The financial markets are absolutely convinced that the US Federal Reserve will not meet their hike cycle projections this year because market volatility and a rather soft patch of US data lately raised the risk of further rate tightening." 
    - IG Markets (based on Business Recorder)


    Pair's Outlook 
    On Wednesday the AUD/USD currency pair succeeded in preserving the rising wedge pattern, but was unable to stabilise above the 0.71 level. Furthermore, amid market turmoil the pair experienced substantial volatility today, bringing new fears of the wedge losing its credibility. The only scenario for the pattern to survive is if the Aussie outperforms its US counterpart and retakes the 0.71 level. This level, however, is bolstered by the weekly PP, which the pair was unable to pierce since the beginning of the week. Nevertheless, the lowest level to limit the dips is the weekly S1 at 0.6962. 

    Traders' Sentiment 
    Today three quarters (75%) of all open positions are long. The number of sell orders added 13% points, rising up to a total of 73%.
    © Dukascopy Bank SA

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