© Dukascopy Bank SA
- IG (based on Bloomberg)
Pair's Outlook
The Aussie dropped more than 100 pips this week as it opened at 0.9374 and currently it is trading below the weekly S3 at 0.9243. At the moment the pair is supported by the major level at 0.92 and it has not been broken for approximately two months, also the daily and weekly technicals are largely bullish. Nevertheless, we are still bearish on Aussie and we expect the currency to fall towards the monthly S1 and 200-day SMA at 0.9171/62, because it is lacking bullish catalyst.
Traders' Sentiment
The sentiment towards the Aussie has fallen from slightly bullish (51%) to rather strongly bearish (65%). In the meantime, the share of orders to enter the market with a buy trade edged up to 53%.
© Dukascopy Bank SA