© Dukascopy Bank SA
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Today the Aussie formed an attack to the weekly PP and major level at 0.9300; however, it bounced off to trade around 0.9275 again. We think current pair's decline is a correction and most likely the pair will continue to weaken towards the Bollinger Bands and weekly S1 at 0.9235/23. We expect that a retreat towards the 55 and 200 day SMA and weekly S2 at around 0.9174/51 is possible. Nonetheless, the technical indicators are mixed; therefore, upward movement towards the 20-day SMA at 0.9331 might be possible.
Traders' Sentiment
Market sentiment slightly changed as bears hold 68% of all of the open positions on the pair, after holding 67% on Friday.
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