© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
Tests of the channel bottom trend-line do not seem to have come to an end yet, implying a critical move ahead, when AUD/USD will have to break either the three and a half year senior downtrend or the ascending channel pattern it has been containing itself in for the last two months. The move might come during Tuesday's or Wednesday's trading sessions already, and if the pair closes below the channel bottom trend-line, the 0.7486/91 demand are will come into play, potentially limiting further downside potential. A surge, on the other hand, would be battled by 0.7578 where the 100-day SMA lies.
Traders' Sentiment
Long positions contribute 48% to trader sentiment, while 53% of pending commands are to buy the Australian currency.
© Dukascopy Bank SA