© Dukascopy Bank SA
- OANDA (based on the Australian)
Pair's Outlook
The AUD/USD cross reached the 0.8850 level earlier today; however, now it has slipped below the December low at 0.8822. A distinct majority of the technical indicators are pointing downwards; therefore, increasing the bearish potential. However, the pair's bulls are proving the technicals wrong, as they have managed to push the pair higher. Now, the next target level is the Bollinger Bands and march low at 0.8873/91.
Traders' Sentiment
The traders' sentiment with respect to AUD/USD stays explicitly bullish, since as many as 74% of open positions are long. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 42% to 56%.
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