AUD/USD breaks weekly R1

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market is likely to start speculating on Wednesday what (US Fed chair Janet) Yellen is going to say. She realises that she's going to have to raise rates at come point next year if the current economic trends continue."
- LTG GoldRock (based on the Australian)


Pair's Outlook
The Aussie reached the second highest level this month at 0.8882 today, after opening above the 0.88 mark. Recently, the pair has gained a bullish momentum; moreover, it seems that the currency pair is not likely to decline towards this year's low at 0.8643, despite the bearish technical indicators. More likely scenario is that the AUD/USD cross continues to hover around the 0.88 level with a short-term movements to either side.

Traders' Sentiment
The traders' sentiment with respect to AUD/USD stays explicitly bullish, since as many as 75% of open positions are long. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 40% to 55%.
© Dukascopy Bank SA

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