Dukascopy - Analytics

    Dukascopy

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    AUD/USD fights to stay above 0.71

    © Dukascopy Bank SA
    "Despite the drop from the high of 0.7182 yesterday, the undertone for AUD still appears positive." 
    - UOB (based on FXStreet) 


    Pair's Outlook 
    Despite reaching a new one-week high yesterday, the Australian currency ended the day in the red zone against the Buck, as falling commodity prices weighed on the pair. As a result, the wedge's support line was pierced, suggesting we could soon see sharp bearish momentum re-emerge. Medium and long-term technical indicators are bolstering this outcome, but today the AUD/USD is supported by a strong cluster around 0.7075. As a result, the given pair has the potential to partially/completely negate Tuesday's losses. 

    Traders' Sentiment
    Today 71% of all open positions are long (previously 72%), while the portion of sell orders slid from 60 to 57%.
    © Dukascopy Bank SA

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