AUD/USD: main trend remains bullish

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"As the RBA noted this week, Australia's terms of trade have improved, with our commodity price basket at highs since Dec 2014 (when AUD was 0.83). Low risk of further RBA easing should help limit AUD downside."  
– Westpac (based on FXStreet) 

Pair's Outlook 
The immediate support area failed to prevent the AUD/USD currency pair from falling below 0.76. As a result, the Australian Dollar is likely to keep declining against its US counterpart, despite technical indicators retaining bullish signals. The Aussie is now expected to make its way towards the nine-month up-trend, currently located at 0.7507, also bolstered by the monthly S1, the 100-day SMA, the weekly S2 and S3s. On the other hand, a boost received from weak US NFP data could prevent that from happening, helping the commodity currency to reclaim the 0.76 level. Once again, technical studies are in favour of a rally, thus, risks are skewed to the upside. 

Traders' Sentiment 
There are 59% of traders being short the Aussie, whereas 63% of all pending orders are to buy it.
© Dukascopy Bank SA

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