Dukascopy - Analytics

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    AUD/USD remains on the back foot

    © Dukascopy Bank SA
    "There is little to suggest that we will see further dollar strength from this point on. We've had a little recovery but I think this is as far as we can go for the time being." 
    - Commerzbank (based on Business Recorder) 


    Pair's Outlook 
    The Aussie behaved in accordance with expectations on Friday, as the RBA's monetary policy decision caused the AUD/USD currency pair to reach the second support cluster, but with trade closing slightly higher. The Australian Dollar remains subject to weakness, retaining its Friday's bearish momentum, with the 100-day SMA and the weekly S2 remaining the target support, located around 0.7320. Technical indicators, on the other hand, are giving mixed signals today, unable to confirm the bearish scenario. Oil prices remain one of the main commodity currency drivers, thus, an increase in those could spark an AUD-buying spree.  

    Traders' Sentiment 
    Nearly three quarters (74%) traders hold long positions (previously 73%), whereas the share of purchase orders slid from 75 to 67%.
    © Dukascopy Bank SA

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