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- BBH (based on 4-traders)
Pair's Outlook
The unexpected RBA's interest rate cut yesterday caused the Australian Dollar to severely weaken against its US counterpart and even breach the rising wedge pattern to the downside. Furthermore, the exchange rate closed under the 0.75 mark, now stuck between a relatively strong resistance area and an even stronger support cluster. The resistance is represented by the weekly S1 and the 55-day SMA, while the lower target is formed by the Bollinger band, the monthly S1 and the weekly S2. Technical indicators are now giving mixed signals, suggesting that neither area is to be breached today.
Traders' Sentiment
Bullish traders' sentiment remains unchanged for the third consecutive day this week, taking up 69% of the market. The portion of buy orders added 1% point, having risen up to a total of 53%.
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