AUD/USD sets new high this year

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There's no material change in the RBA's views. Perhaps market participants were expecting the statement to be a bit more dovish so they were surprised and that's the reason for the move up in the Aussie."
- Commonwealth Bank of Australia (based on Bloomberg)


Pair's Outlook
After some instability during the last sessions the Australian currency received strong bullish impetus and set a new high this year at 0.9486. The next challenge for the pair will be just slightly higher where are the weekly R2 and monthly R1 at 0.9496/0.9507. This level together with the major level in-between will be a significant obstacle and we doubt that the Aussie could breach the mark. At the same time the daily and weekly technicals are bullish.

Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Australian peer. However, this number could go down, as 61% of orders are placed to purchase the greenback.
© Dukascopy Bank SA

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