© Dukascopy Bank SA
- BBH (based on CNBC)
Pair's Outlook
With a fourth consecutive really yesterday, the AUD/USD broke out of the descending channel pattern. The second resistance area was tested, but trade still closed just above the immediate cluster, which is now providing support. Consequently, the Aussie is expected to outperform the US Dollar for the fifth time in a row. The weekly R1 retains its role of the closest significant resistance. Nevertheless, volatility has already spread beyond this level, meaning that the daily ceiling could be located around 0.7150.
Traders' Sentiment
Nearly three quarters of traders (73%) are now long the Aussie. At the same time, there slightly less commands to acquire the Antipodean currency, namely 38% (previously 42%).
© Dukascopy Bank SA