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– Rabobank (based on WBP Online)
Pair's Outlook
The Australian Dollar retreated from its intraday gains on Tuesday, resulting in a 12-pip loss against the US Dollar over that day. As a result, the four-month up-trend was put to the test again, which is now under the risk of getting broken again. The AUD/USD currency pair is required to rally today in order for the up-trend to be preserved. This also implies a breach of the 20-day SMA, which acts as the nearest resistance around 0.7635. Nevertheless, a bullish development could be difficult to achieve, as technical indicators are now giving mixed signals in the daily timeframe, rather than bullish ones, meaning that the Aussie could slump back under 0.76.
Traders' Sentiment
Both the share of bears and the portion of buy orders remain unchanged, taking up 67% and 71% of the market, respectively.
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