© Dukascopy Bank SA
- IG (based on the Australian)
Pair's Outlook
This currency pair approached the weekly R2 at 0.9460 earlier this week; however, at the moment it has dropped to trade slightly above the 0.94 mark. We suspect the pair to slide closer to the monthly PP at 0.9369. The main driver for this could be the monthly technical studies that point to the south. Moreover, the traders should watch the pair's reaction around the cluster of support levels (weekly and monthly PPs, 55-day SMA). In case the Aussie's bears cannot drag the pair lower then a rebound might be expected.
Traders' Sentiment
The sentiment rebounded slightly since yesterday, as of today 67% of the SWFX traders are bearish. In the meantime, the share of sell orders grew from 62% up to 75%.
© Dukascopy Bank SA