AUD/USD's downside risk increases

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"As the Aussie is approaching the $1.06 level, you might anticipate the currency to find some resistance."
- Royal Bank of Scotland Group Plc (based on Bloomberg)


Pair's Outlook

The price stays in a narrow corridor between a wide but nevertheless dense resistance area at 1.0624/1.0575 and a support line at 1.0534/33, reliability of which is still under question. Therefore we view an eventual emergence of a dip as a probable course of events with the nearest target set at 1.0469/39. Additional weakness will encounter supports at 1.0402/1.0398 (100-day SMA) and 1.0338/1.0293 (200-day SMA).

Traders' Sentiment
SWFX traders' sentiment is unchanged from the last report with a clear prevalence of short positions over the long ones. The former ones are found in 73% of cases, whereas only 27% of the market participants believe the Aussie is about to appreciate relatively to the greenback.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.