© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
AUD/USD remained stable on Wednesday after showing unexpected weakness and conclusively breaking the bottom trend-line of the two-month channel. The dip might be a sign of an early victory by the senior downtrend, and if so, we suspect a consolidation against the broken trend-line around 0.7535. The 100-day SMA as well as the lower Bollinger Band (0.7479/84) will make the pair hitch on its way up or cut off any bullish momentum at its root. In this case the rate will probe the Monthly S1 at 0.7421 where strong demand might deny access to levels underneath.
Traders' Sentiment
Long positions contribute 53% to trader sentiment, while 50% of pending commands are to buy the Australian currency.
© Dukascopy Bank SA