AUD/USD tests cluster at 0.7075

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"However, the Aussie is still trading within its long-term declining channel. The currency pair already failed once to move above its 50dma (around 0.7240 at the moment) as global investors are still reluctant to reload long AUD/USD position." 
- Swissquote (based on FXStreet) 

Pair's Outlook 
The monthly pivot point not only limited yesterday's upside volatility, but also caused the AUD/USD to slump 63 pips. Technical indicators are now giving bullish signs, suggesting the pair is to rebound today; however, our outlook remains bearish. A potential floor is located at 0.7075, represented by the 20-day SMA and weekly S1. A break of this support is likely to force the Antipodean currency to return to the lowest levels in two weeks and even a fresh five-year low. 

Traders' Sentiment 
Almost three quarters (74%) of traders hold long positions today, compared to 70% yesterday. The portion of buy orders surged dramatically, from 35 to 76%.
© Dukascopy Bank SA
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Tue, 22 Sep 2015 14:13:07 GMT

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