Dukascopy - Analytics

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    AUD/USD gravitates towards 0.76

    © Dukascopy Bank SA
    "We now see the RBA keeping rates on hold this year and next. However, the recovery is likely to remain gradual and a disappointment on unemployment remains the key risk to this view." 
    - ANZ (based on WBP Online)


    Pair's Outlook 
    The support, formed by the weekly PP and the monthly R3, caused the AUD/USD currency pair to rebound on Tuesday, but the impetus was insufficient to climb too high above the 0.76 psychological level. The pair still faces another psychological resistance, namely the 0.7650 level, which is likely to prevent the Aussie from establishing a new eight-month high. However, there is room for a surge, as technical studies retain their bullish signals. The base case scenario, on the other hand, is a return under the 0.76 mark, with demand around 0.7560 limiting the dips. 

    Traders' Sentiment
    Bullish traders' sentiment returned to its Monday's level of 69%, compared to 72% on Tuesday. Meanwhile, there are 61% of all pending orders to purchase the Aussie, down from 62% yesterday.
    © Dukascopy Bank SA

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