Dukascopy - Analytics


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    AUD/USD prolongs the bullish trend

    © Dukascopy Bank SA
    "We see scope for these currencies [AUD and CAD] to depreciate in the weeks ahead, even vs. the USD. Both are current account deficit economies reliant on financial inflows and both are exposed to continued weakness in commodity prices."
    - BNP Paribas (based on FXStreet) 

    Pair's Outlook 

    The AUD/USD currency pair remained relatively unchanged on Friday, therefore, preserving the bullish trend-line. Trade opened slightly lower today, but the risk-on sentiment is raising demand on commodity currencies, such as the Aussie. The nearest resistance is represented by the 55 and the 100-day SMAs around 0.7135, which managed to hold off the pair's volatility through all of the previous week. Although the immediate resistance is strong, the rally might even reach the second cluster at 0.72. Meanwhile, technical studies retain bullish signals, implying the pattern is to be preserved. 

    Traders' Sentiment 

    Nearly three quarters (74%) of all open positions are long (previously 70%). The share of purchase orders slid from 57 to 41%.
    © Dukascopy Bank SA

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