AUD/USD touches weekly PP at 0.9366

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"As you get to the 95 level, you should see structural Aussie bears coming back to the market." 
- UBS AG (based on Bloomberg)

Pair's Outlook

Yesterday the Aussie could not break the monthly R1 at 0.9412 and that resulted in a decline below 0.9350; however, today the pair started slowly and it is trying to breach the weekly PP at 0.9366. We expect the pair to weaken, because the monthly R1 has proven to be a strong resistance and we do not see the pair breaking it anytime soon. The decline might be towards the 20-day SMA and weekly S1 at 0.9300/0.9271.

Traders' Sentiment

The difference between the amounts of long and short positions open on AUD/USD has widened since the previous report – 30% and 70% respectively. As for the orders placed 100 pips from the spot, there are significantly more orders set to buy – 75%.

© Dukascopy Bank SA

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