AUD/USD approaches weekly S1

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Westpac's Australian export commodity index is down 10 per cent year to date and spot iron ore is down about 30 per cent, yet the Australian dollar is still up about 5 per cent."
- Westpac (based on the Australian)


Pair's Outlook
By approaching the weekly S1 and 100-day SMA at 0.9330/28 the currency pair prolonged its yesterday's decline; although, it managed to inch up closer to the monthly PP at 0.9369. AUD/USD have to breach the weekly S1 to remain on the down-trend. To our mind it is likely to happen; although, around current trading level there are lots of important support levels. The technical studies do not offer a clear outlook.

Traders' Sentiment
The are more and more market participants that expect the Aussie to outperform the U.S. counterpart, namely 62%. Concerning the orders placed 100 pips from the spot, there are now slighlty more commands to buy—40% after yesterday's 35%.
© Dukascopy Bank SA

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