© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
AUD/USD picked up where it had left off on the first part of Tuesday's trading session and carried on to confirm the three-year downtrend once again. The pair inched 0.75 percent above the previous closing price to trade at 0.7658 mid-day, drawing its upward momentum from bullish pressure put on by 55, 100 and 200-day SMAs which lie underneath. However, the downtrend is likely to remain unbroken with the pair's movements remaining on a bearish track, setting the monthly Pivot Point at 0.7589 next to conquer. If successful, the weekly Pivot Point and 55-period SMA cluster will provide enough demand to put on a battle against further dips in the short-term.
Traders' Sentiment
Traders have 54% of open positions long and 66% of pending commands are to buy the Australian currency.
© Dukascopy Bank SA