© Dukascopy Bank SA
- Westpac (based on the Australian)
Pair's Outlook
The pair started the day with a move higher from previous close at the 0.8163 level. In spite of surpassing the weekly S1 at 0.8183, the AUD failed to hold the gains versus its US counterpart and slid back to trade at lower prices. In general, the cross seems to lose the traders' appetite, since the volume is 4 times lower than the day before and the RSI holds an oversold position. A break below the weekly S2 at 0.8119 could extend the decline to the 0.8079 level.
Traders' Sentiment
The current market sentiment is strongly bullish, as 72% of all positions are long. In the meantime, pending orders in 100—pip range are set to buy in 39% of cases; whereas, in 50—pip range the buy orders are in even bigger minority since 78% are set to sell.
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