© Dukascopy Bank SA
- Westpac (based on the Australian)
Pair's Outlook
The Australian Dollar opened below last week's closing price, as the negative bias continue to dominate the pair. Additionally, AUD/USD cross has hit new lows once again by reaching 0.8418, which is the lowest level seen since 2010. The weekly technical studies add even more pressure to the pair as most if them are bearish. For the time being the pair is likely to slide even lower due to the Aussie weakness, the target is the 0.83 mark.
Traders' Sentiment
As evidenced by the SWFX traders' sentiment, about seven out of ten traders believe that the Australian Dollar is going to depreciate relative to the Greenback. In the meantime, the portion of buy orders declined, from 66% to 61%.
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