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"Movements in Asian currencies tend to generate a large impact on the Australian dollar. The Australian dollar will trade as a proxy for Asian currencies because the liquidity is larger than the combined liquidity of the 10 major non-Japan Asian currencies."
- Commonwealth Bank (based on The Australian)
Pair's Outlook
Taking in to account that the pair was trading pretty much in 89 to 93 cents range since mid of June even the fact that it had had quite a few one direction sessions lately does not put any clarity on the situation. In addition, short and medium term technicals give contradicting readings and long term technicals give neutral outlook. All in all it seems that pair should bounce from the 0.899, but we should not expect any major moves any time soon.
Traders' Sentiment
Even though the overall level of the Australian Dollar's popularity fell, the portion of bullish towards AUD/USD SWFX marketplace participants grew by one percentage point, up to 72%. In the meantime, there has been no change in the ratio between the buy and sell orders, which is respectively 27% to 73%.
© Dukascopy Bank SA