AUD/USD gives up on 0.74, turns around

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Our short-term fair-value model indicates that the Aussie appears oversold and entered a bullish signal yesterday targeting its fair-value of 0.7650. In our view there is further room for AUDUSD to rally." 
- BNP Paribas (based on CNBC) 


Pair's Outlook 

In spite of moderate volatility to the downside, the Australian Dollar still closed trade above the 0.74 psychological level. The AUD/USD settled at 0.7420, namely the lower Bollinger band, which is likely to cause a small rebound today, as it is also bolstered by the weekly S1 today. Gains should be limited by the monthly S2 around 0.7446, although the pair tested the 0.75 major level earlier today. Meanwhile, technical indicators retain their mixed signals, unable to confirm the bullish outcome. 

Traders' Sentiment 
Bullish market sentiment returned to its Tuesday's level of 74% (previously 75%). The portion of orders to buy the Aussie lost three percentage points. The commands now take up 37% of the market.
© Dukascopy Bank SA

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