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"Given the Reserve Bank of Australia's monetary policy stands seems to be to sit tight for the time being... this means the Australian dollar is naturally attractive to offshore investors."
- Arab Bank Australia (based on CNBC)
Pair's Outlook
The Aussie dollar is trading above the 200-day SMA; currently the pair slightly fell, but the bullish momentum is likely to hold. And if this is the case, investors might test an initial resistance level at 1.0350 (Upper Bollinger band), followed by 1.0385/400 (38.20% Fibo; R2 Weekly) and 1.0574 (23.60% Fibo) if a breakout occurs, respectively.
Traders' Sentiment
The stance on AUD/USD is bearish at the present as 61% of investors keep short positions and 39% of market participants hold long positions on the pair. Meanwhile, the order disposition shows that 52% of investors stick to a bullish outlook on the Aussie DollarUS Dollar currency pair.
© Dukascopy Bank SA