Dukascopy - Analytics


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    AUD/USD surges to the highest in four months

    © Dukascopy Bank SA
    "Interest rate hike expectations dropped significantly last month, so a strong jobs report would help the dollar by adding to the case for a hike in June by the Fed. But even a strong report won't do much to change perceptions that the Fed will not hike in March." 
    - Barclays (based on CNBC) 

    Pair's Outlook 
    The Australian Dollar extended its rally against the Buck for the fourth day in a row yesterday, reaching the second target, namely the weekly R3 at 0.7356. With another price increase today, the Aussie is likely to reach the highest level since December 2015—0.7385. The weekly R3, however, is providing resistance at 0.7356 and might prevent the AUD/USD currency pair from maintaining trade above 0.7380. Meanwhile, the closest support is represented by the Bollinger band, which is unlikely to limit the dips if the US currency surges. In this case, the exchange rate could even reach today's lowest target, namely the 200-day SMA at 0.7253.

    Traders' Sentiment 
    Today 64% of traders hold long positions, compared to 66% on Thursday. The portion of sell orders increased from 66 to 70%.
    © Dukascopy Bank SA

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