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"I wouldn't be surprised to see the Aussie dollar up to 92, 92 1/2 U.S. cents over the next few days."
- Derek Mumford, Rochford Capital (based on Bloomberg)
Pair's Outlook
The whole week AUD/USD was on the rise, overcoming every resistance that stood in the way, regardless of the technical indicators being mixed on the daily and monthly charts, on a weekly time-frame they are even giving mostly ‘sell' signals. Next victim of the currency pair is the resistance at 0.9170/41, this area safeguards 0.9210/04, but a rally is not anticipated to surpass 0.93—early 2009 and late 2010 highs.
Traders' Sentiment
The bullish sentiment towards AUD/USD eased from the yesterday's reading of 75% down to 72%, supposedly due to the holders of long positions taking profits amid the rally in the price. As for the orders placed on the pair, 67% of them are to sell the Aussie in favour of the greenback.
© Dukascopy Bank SA