Note: This section contains information in English only."The market remains capped by the .7778/.7850 2016 highs and the 38.2% retracement, but it is possible that it is base building."
— Commerzbank (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The effect of commodity price risks influencing the Aussie for five consecutive days has been mitigated, resulting in an upward motion.[/ANNOUNCE] The currency has managed to recover some losses, breaching the 20-day SMA and gaining momentum towards the monthly and weekly PPs circa 0.7650. The downward-sloping channel formed in the hourly chart was breached earlier today, indicating a move in favour of bulls. However, the pair still needs to breach a near-term resistance cluster consisting of the 100-hour SMA and the upper Bollinger Band to confirm that the upward motion will persist.
Traders' Sentiment
Traders‘ sentiment for the pair is bearish with 71% of traders holding short positions. In addition, 46% of pending orders are to by the Aussie.
Tue, 28 Mar 2017 15:40:47 GMT
Source: Dukascopy Bank SA
— Commerzbank (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The effect of commodity price risks influencing the Aussie for five consecutive days has been mitigated, resulting in an upward motion.[/ANNOUNCE] The currency has managed to recover some losses, breaching the 20-day SMA and gaining momentum towards the monthly and weekly PPs circa 0.7650. The downward-sloping channel formed in the hourly chart was breached earlier today, indicating a move in favour of bulls. However, the pair still needs to breach a near-term resistance cluster consisting of the 100-hour SMA and the upper Bollinger Band to confirm that the upward motion will persist.
Traders' Sentiment
Traders‘ sentiment for the pair is bearish with 71% of traders holding short positions. In addition, 46% of pending orders are to by the Aussie.