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    AUD/USD undergoes corrective decline

    © Dukascopy Bank SA
    "While the Aussie has enjoyed a stratospheric rise recently, its gains could push an otherwise hesitant RBA to cut rates again in the months ahead to limit AUD gains." 
    - Joaquin Monfort (based on PoundSterlingLive) 


    Pair's Outlook 
    Upon taking another shot at climbing over the 0.77 mark on Thursday, the AUD/USD's momentum has shifted to the bearish side, but no substantial losses occurred. There appears to be no sufficient impetus to help the Aussie edge higher, and with the tough resistance cluster in face of the Bollinger band, the weekly R2 and the July 2015 high around 0.7715, more negative movements are likely to take place. Short-term indicators are unable to support this scenario, while the medium-term ones are suggesting the Aussie is to prolong its recovery. Until the up-trend at 0.74 is breached, the overall outlook for the Australian Dollar remains bullish, despite a possible corrective decline today.

    Traders' Sentiment 
    Today 58% of all open positions are long, compared to 68% yesterday. Meanwhile, the portion of purchase orders declined from 54 to 36%.
    © Dukascopy Bank SA

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