© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The broadening wedge established by AUD/USD over the recent months transformed to obtain more channel-like forms, testing 0.7521, the lower trend-line, at the moment. The bullish momentum gained through the ascending pattern could beat any bearish threats and that the pair will remain inside of the channel, setting the upper trend-line at 0.7750 as the next target. On the other hand, the more senior trend-line proved its significance after a short-lived breakout last week, suggesting that 0.7638 is the level at which the pair is likely to fail.
Traders' Sentiment
Long positions contribute 52% to trader sentiment and 67% of pending commands are to buy the Australian currency.
© Dukascopy Bank SA