© Dukascopy Bank SA
"Fundamental considerations are likely to dominate technical factors."
- Brown Brothers Harriman (based on MarketWatch)
Pair's Outlook
AUD/USD remains unable to pick up bullish momentum, being capped by a combination of resistances at 0.9387 (2011 low) and 0.9348/28 (weekly R1, monthly PP and 55-day SMA). We estimate there is also notable supply at 0.9584/77 (2012 low), meaning the possibility of a robust rally is low. In the near term the price is likely to stay directionless, but in the longer term perspective we expect trading to take place at lower-than-current levels.
Traders' Sentiment
The sentiment of SWFX marketplace participants with respect to AUD/USD continues to be one of the most stable ones, being that the share of long positions open in this currency pair is constantly above 70% (73% now). Meanwhile, the ratio between the buy and sell orders is 48% to 52% respectively.
© Dukascopy Bank SA