© Dukascopy Bank SA
"What Yellen said reinforced a market view that there's still slack in the economy and any increases in interest rates in the future will be gradual."
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
The Australian Dollar is trading around the weekly PP at 0.9366 and it has dived beneath this level today. Next important support level will be the 20-day SMA and the major level at 0.9309/00, in our opinion, it is rather significant level as at the end of March the pair struggled to breach it. The daily technical indicators are still bullish; nevertheless, we do not see the pair breaking the major level and monthly R1 at 0.9400/12.
Traders' Sentiment
An overwhelming majority (70%) of the market participants believe that the Aussie is going to lose its value relative to the greenback. In the meantime, the share of orders to enter the market with a buy trade edged up to 85%.
© Dukascopy Bank SA