© Dukascopy Bank SA
- Easy Forex (based on the Australian)
Pair's Outlook
The Australian Dollar is continuing to perform explicitly well, it has gained for three straight days and it is poised for weekly gains. And it is performing this well despite the daily and weekly technical indicators being pointed to the south. However, there is a possible risk of the pair failing to break the monthly PP and 55-SMA at 0.8785 that could most likely send the pair lower towards the major level at 0.87.
Traders' Sentiment
There still is a strong conviction in the market that the Aussie is heavily undervalued, being that as many as 74% of open positions are currently short. As for the orders, the amounts of buy (57%) and sell (43%) ones are nearly equal.
© Dukascopy Bank SA