© Dukascopy Bank SA
- Soeciete Generale SA (based on Bloomberg)
Pair's Outlook
Yesterday the Aussie managed appreciate against its US counterpart, amid a strong reading of the Australian employment data. As a result, the AUD/USD currency pair reached the highest level since July 2015, but ultimately still closed under the 0.77 mark. The Australian Dollar is expected to post more gain against the Buck today, being boosted by good Chinese GDP figures. The closest area to limit the gains is still represented by the Bollinger band, the July 2015 high and the weekly R2, which is to prevent the AUD from climbing higher. Technical studies are unable to confirm this scenario, suggesting that the pair might remain relatively flat over the day.
Traders' Sentiment
Exactly three quarters (75%) of traders are long the Aussie (previously 73%). The portion of sell orders dropped down from 73 to 54%.
© Dukascopy Bank SA