© Dukascopy Bank SA
- FXCM (based on the Australian)
Pair's Outlook
AUD/USD breached the weekly PP at 0.8743 today, after posting minor gains last week. The technical indicators are still to the downside; however. Thus, there will be a great resistance around and above the 0.88 level, as there are still a bearish potential. The next key resistance levels (December low, weekly R1) are at 0.8822/34. To our mind these resistances together with the technicals could put a pressure on the pair.
Traders' Sentiment
The traders' sentiment has slipped to the lowest level in nine trading days; however, still an overwhelming majority (70%) of them are bullish on the pair. In the meantime, the share of sell orders grew from 44% up to 59%.
© Dukascopy Bank SA