Dukascopy - Analytics

    Dukascopy

    472.50 6.00/10
    83% of positive reviews
    Real

    AUD/USD attempts to remain above 0.74

    © Dukascopy Bank SA
    "We stay bearish on the AUD and still target AUD/USD 0.68 on a three-month basis and 0.65 on a six and 12-month basis." 
    - UBS (based on FXStreet) 

    Pair's Outlook 
    Positive US fundamentals were insufficient to strengthen the American Dollar against its Australian counterpart last Friday. As a result, the AUD/USD currency pair surged 85 pips, reaching the highest level since August 2015, but the Aussie is now under the risk of returning even below the Dec 2015 high. The immediate support at 0.7396, represented by the Bollinger band, is rather weak, while the closest resistance is also located close by—at 0.7409. The Antipodean currency could remain caged between these two levels, as technical indicators suggest, but a small rally is the base case scenario, as the pair is likely to close its today's bearish gap. 

    Traders' Sentiment 
    Today 66% of all open positions are long (previously 64%), while the share of buy orders increased dramatically from 30 to 53%.
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree