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"The risks are you see the market probably price out further RBA rate cuts from here, so naturally the Aussie dollar can probably find a little bit more support."
- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
AUD/USD is trading higher today as the support of the Spanish banking system by the Eurozone members spread optimism among investors. Thus, if AUD/USD maintains positive dynamics, 1.0085 (55-day ma) will be the first resistance. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0304 (Upper resistance level; 200-day ma).
Traders' Sentiment
Sentiment on the market is moderately positive with 58% of Dukascopy traders betting on the uptrend of the pair and 42% , hoping for the pair to commit a bearish reversal. Within 100-pip range from the latest market price, 66% of currency traders anticipate further rally of AUD/USD.
© Dukascopy Bank SA