Dukascopy - Analytics


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    AUD/USD to return back above 0.76

    © Dukascopy Bank SA
    "AUD/USD's move higher last week reached the 61.8% retracement at 0.7650/52 and we notice the 13 count on the daily chart and some caution is necessary, we would allow for some near term weakness." 
    - Commerzbank (based on FXStreet)

    Pair's Outlook 
    The Aussie retreated towards the 0.76 major level on Friday, undergoing the expected correction. Even though the AUD/USD currency pair opened under the 0.76 mark, there is a strong support cluster around 0.7560, which appears to be keeping the Australian Dollar from edging lower. According to technical indicators the pair should end the day with a rally, but there are doubts that there will be sufficient momentum to erase Friday's losses. Meanwhile, the closest resistance to limit the gains lies around 0.7725, represented by the weekly R1, the Bollinger band and the July 2015 high. 

    Traders' Sentiment 
    Both the bullish traders' sentiment and the portion of sell orders returned to their previous Monday's levels, namely to 69% and 60%, respectively.
    © Dukascopy Bank SA

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