© Dukascopy Bank SA
- FXCM (based on the Australian)
Pair's Outlook
The Aussie continued to outperform the US counterpart today, even more the pair reached the highest level this month at 0.89. Moreover, this might be a critical level, as it was not touched since the end of September, when the pair was on a heavy down-trend. In case the AUD/USD cross closes above the 0.89 mark then it might even move closer to the psychological level at 90. Nonetheless, we do not see the pair breaking the 0.90 level for the time being.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the Aussie to be undervalued relative to the Greenback. Right now 74% of traders are long the Aussie, while merely 26% of them believe the currency is going to fall in price even more.
© Dukascopy Bank SA