© Dukascopy Bank SA
- Wellington (based on the Sydney Morning Herald)
Pair's Outlook
The Aussie managed to recover from yesterday's drop and even approached the weekly R2 at 0.9379. In case the pair closes above the weekly R2 then it could easily head towards the monthly R1 and weekly R3; although, at the same time we do not expect the pair setting new 2014 high. However, if Australia's Dollar trades beneath the weekly R2 at the close then decline towards the weekly R1 and monthly PP is likely.
Traders' Sentiment
The difference between the amounts of long and short positions open on AUD/USD has widened since the previous report, currently 55% are bearish. The distribution between the buy and sell orders narrowed significantly—48% and 52% respectively.
© Dukascopy Bank SA