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    AUD/USD: bullish trend intact

    © Dukascopy Bank SA
    "The [US] dollar continues to remain soggy with June priced out and chances that the Fed will move in July waning. Investors will need some good payrolls data and signs of inflation picking up, before they are convinced that a rate hike in September is on the cards." 
    - Rabobank (based on Reuters) 


    Pair's Outlook 
    The Aussie succeeded in outperforming the US Dollar on Tuesday, piercing the immediate resistance cluster, but failing to put the 55-day SMA to the test. A breach of the 55-day SMA is required in order for the AUD/USD currency pair to successfully retake the 0.75 mark, but another bullish development today is doubtful. According to the pair's current trend, the Antipodean currency is to undergo a small correction, before it can continue to edge higher again. In this case the weekly R1 and the Bollinger band form a potential support cluster at 0.7440, which is to prevent the exchange rate from falling deeper down. Technical studies, however, are unable to confirm the scenario. 

    Traders' Sentiment 
    Now three quarters (75%) of traders are long the Aussie (previously 72%). Meanwhile, the number of buy orders slid from 60 to 49%.
    © Dukascopy Bank SA

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