AUD/USD testing monthly R1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Aussie hasn't fallen as far or as fast as we thought, and the ongoing grind lower in volatility is the primary reason for that."
- National Australia Bank Ltd. (based on Bloomberg)


Pair's Outlook
The Aussie appreciated slightly today and even though it failed to breach the monthly R1 at 0.9415 it still is trading above the major level at 0.94. At the moment the pair is trading around the highest levels this year; moreover, pair's technical indicators are bullish. Nonetheless, we do not see the Aussie strengthening further, possibly the weekly R1 at 0.9437 might be the top. In case the Aussie slipped below the weekly PP at 0.9380 then that could wake up pair's bears sending the pair lower.

Traders' Sentiment
Even though there is no movement observed in AUD/USD, the traders are becoming slightly less sure that the Aussie will depreciate. Although, bears are still in overwhelming majority (71%).
© Dukascopy Bank SA

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