AUD/USD challenges 0.9006/0.8975

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Rate cuts are a thing of the past, largely thanks to the lower Aussie pushing up inflation and improving domestic demand. Our long-standing view is that rates will remain on hold until the second half of 2014, when gradual normalization will begin."
- Moody's Analytics (based on Bloomberg)


Pair's Outlook

Right now the currency pair is testing a cluster of resistances between 0.9006 and 0.8975. Judging by the technical indicators, majority of which are giving 'sell' signals on the weekly and monthly charts, the Aussie will be unable to push through this supply zone and remain on a bullish path. However, if it does happen, then AUD/USD will be expected to rise up to the 200-day SMA at 0.9155.

Traders' Sentiment

The bullish sentiment towards the Aussie may not be as strong at five days ago, when 75% of positions were long, but the currency's popularity is recovering—the share of bulls rose from 64% up to 66%. Meanwhile, the bearish pressure subsided, as evidenced by a decreasing percentage of sell orders—from 73% to 44%.
© Dukascopy Bank SA

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