© Dukascopy Bank SA
- Westpac (based on the Australian)
Pair's Outlook
AUD/USD performed considerably well last week, as the Australian currency managed to reach the major level at 0.94. However, at the beginning of this week the pair seems to be losing its bullish momentum, as it dropped below the 55 and 100-day SMA at 0.9343/42. The technical studies are not giving any clear signals, as they point in different directions at the moment. Nevertheless, we think that the pair is poised for a decline in the upcoming trading sessions, after giving up on the 0.94 level.
Traders' Sentiment
Current decline is apparently encouraging some of the traders; as compared to the Friday's readings, the share of long positions rose from 40% to 43%.
© Dukascopy Bank SA