AUD/USD rebounds from 20-day SMA

Source: Dukascopy Bank SA
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"Many investors are playing the recovery scenario and will buy on setbacks, but others get nervous after a strong rally. The U.S. economy will have a strong first quarter and this should help stocks rise, but we will have higher volatility."
 - Danske Bank A/S (based on Bloomberg)


Pair's Outlook
Tuesday trading respected the previous green candle and continued the upward move. The AUD/USD ticked higher toward the 20– day SMA at 0.817. Later the day, the pair was seen trading lower near the weekly PP at 0.812. Meanwhile, the long– and short– term SMAs are pointing to the south. Considering the recent consecutive slide, a possible consolidation may proceed to meet the weekly R2 and the monthly PP at 0.826, before it tumbles more.

Traders' Sentiment
Among all of the opened positions for the AUD/USD pair, 74% of traders are short, expecting the Aussie to lose some value versus its greenback counterpart. The pending orders, however, have not changed significantly from the last update. Respectively, 32% of 50– pip orders are long and 66% of 100-pip ones are short.

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