Technical Analysis

Technical Analysis

AUD/USD remains above 100-day SMA
Fri, 21 Apr 2017 14:03:26 GMT
Source: Dukascopy Bank SA

 "Australia is caught in a disconnect between the trajectory of its key commodity export and a currency that refuses to follow suit, constricting an economy that policy makers are trying to stimulate." 
- Michael Heath (based on Bloomberg) 

Pair's Outlook

During the early hours of today's trading session, AUD/USD was trading below the 100-day SMA. The pair, however, changed its direction mid-day, supported by the 55-hour SMA and the lower Bollinger band apparent in the hourly chart. As a result, the Aussie has pushed through the 100-day SMA and continues to appreciate against the Greenback. Driven by a large hourly increase, this upper volatility might not be strong enough to reach the weekly PP and the 200-day SMA located around 0.7551. Thus, it is expected that the pair may allay the upward momentum and end its trading week somewhere between 0.7525 and 0.7540. 

Traders' Sentiment 
Market sentiment is at equilibrium today, as 50% of traders are holding long positions. In contrast, 53% of pending orders are to sell the Aussie.
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