© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
AUD/USD traded steady on Friday, showing little volatility and casting doubt on whether the 0.7483 support level based on the 100-day SMA is attainable during the trading session. As we expect the pair's next move to target the broken trend-line of the two-month channel at 0.7539, the limited scale of the current downward movement is not a surprise, and we expect the consolidation to continue. The lack of significant levels in between the current rate and the channel trend-line makes us stay firmly in favor of an uptrend until the broken line is reached. A dip below would, however, be stalled by the lower Bollinger Band at 0.7449.
Traders' Sentiment
Long positions contribute 56% to trader sentiment, while 37% of pending commands are to buy the Australian currency.
© Dukascopy Bank SA