© Dukascopy Bank SA
"In Asian trading today there was talk about an imminent reserve requirement cut in China. The two days of testimony from Bernanke has held out the hope of further steps from the Fed. That hope is definitely still in the market."
- Bank of Tokyo- Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
The Australian dollar is still trading above the 200-day and it is confidently approaching an initial resistance line at 1.0400. In case bullish momentum strengthens further, investors might encounter the second and third resistance levels at 1.0490 (R3 Weekly) and 1.0574 (23.60% Fibo), respectively.
Traders' Sentiment
The sentiment on AUD/USD is bullish as 66% of investors are currently holding long positions. Yet, the pending order positioning reflects that 58% of market participants keep bullish stance on the Aussie Dollar-US Dollar currency pair while 42% of currency traders anticipate the pair to eventually fall.
© Dukascopy Bank SA