AUD/USD buoyed by weekly PP

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Australian dollar has been trapped between US86.50c and US89c, it's sitting in the middle of it now but if Stevens and company err on the dovish side then we could test US86.50c again this week."
- OzForex (based on the Australian)


Pair's Outlook
AUD/USD hovers in more or less the same trading range where it did in the last week, namely around the 0.8750 level. The pair has been on a sideways trend already since the end of September, when it reached the lowest level this year and ended its decline. The Aussie cannot find a bullish impetus to advance further, even though it has recovered from the down-trend. The next target is the major level at 0.88, which could possibly become a support level.

Traders' Sentiment
An overwhelming majority (71%) of the SWFX market participants expect that the Aussie will outperform the Greenback. The distribution between the buy and sell orders is much more stable—55% and 45% respectively.
© Dukascopy Bank SA

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