AUD/USD - trend reversal likely, focus on 200-day SMA

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Australian house prices: "Borrowing costs are now below average and it appears that's beginning to support demand ."
- Janu Chan, economist at St. George bank (based on Bloomberg)

Pair's Outlook
After an insignificant slide yesterday, AUD/USD has gained footing and today is continuing rally of two months. Despite a neutral aggregate signal from technical indicators today, the weekly outlook on the pair is negative. RSI (14) has almost reached its critical value of 70, so a trend reversal is expected in short-term. The first significant pair's target can be around the 200-day SMA at 1.0301.

Traders' Sentiment
The sentiment on the SWFX index has remained almost unchanged from yesterday, as 58% of traders forecast pair's further inceease in near-term. However, 42% of market participants foresee an upcoming bearish correction.



© Dukascopy Bank SA
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