AUD/USD on the edge of returning below 0.75

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The extent of AUD/USD strength has surprised us and we have to allow for the prospect of fresh 9 month highs. This upswing could extend as far as $0.76 - $0.77 but our multi month bias remains lower as growing supply catches up with industrial commodities and USD is fortified by the prospect of a June Fed rate hike."
- Westpac (based on WBP Online) 

Pair's Outlook 
The Australian currency soared against the US Dollar on Friday, amid a sharp rebound in oil prices. As a result, the monthly R3 was overcome, with the AUD/USD currency pair reaching a new eight-month high of 0.7583. However, the Aussie opened lower today, with attempts to reach the 0.76 major level prevented by not only the weekly R3, but also the Bollinger band. Meanwhile, technical indicators are giving mixed signals, suggesting that supply at the immediate resistance could be sufficient to push the pair back under 0.75. In this case, the demand in face of the weekly PP at 0.7513 must first be pierced. 

Traders' Sentiment 
Today 69% of all open positions are long, in comparison to 67% last Friday. The portion of orders to sell the Australian Dollar also increased, namely from 55 to 60%.
© Dukascopy Bank SA
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Mon, 14 Mar 2016 15:13:27 GMT

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