© Dukascopy Bank SA
- BNP Paribas (based on Business Recorder)
Pair's Outlook
The Australian Dollar managed to pierce the nearest support yesterday and almost reach the second target, represented by the monthly S2 at 0.7302. The monthly S2 kept the AUD/USD currency pair from sustaining sharper losses since the beginning of the month, but according to technical indicators, that is about to change. In case the 0.73 level is breached, the next target will be the cluster around 0.7240, formed by the weekly S1, the Bollinger band and the 200-day SMA. Nevertheless, the Aussie appears to be reluctant to plunge dramatically against the Buck, thus, a close in front of the 200-day SMA at 0.7263 is also possible.
Traders' Sentiment
Once again three quarters (75%) of all open positions are long, whereas the portion of buy orders reached a total of 77% (previously 69%).
© Dukascopy Bank SA