AUD/USD approaches 0.9387

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There is a sense that Australia could move into recession in early 2014, as the response to the 200 basis-point rate cuts over the last 18 months has seen almost no change in the habits of the Australian consumer."
- IG Markets (based on the MarketWatch)


Pair's Outlook

AUD/USD has successfully breached a formidable support at 0.9577, but there may be an even more serious test of the bearish momentum ahead. The fact is that the currency pair is closing in on a stronger support line at 0.9387—the three-year low. Back then this was the resistance line that was keeping the price below it and is thereby unlikely to let the pair pass through without difficulties.

Traders' Sentiment
The Australian Dollar remains one of the most frequently bought currencies in the market—in 71% of trades, being that debasement of the Aussie is considered by most to be overextended. Still, day after day the price is falling. At the moment 73% of positions opened on AUD/USD are long.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.