© Dukascopy Bank SA
- Western Union Business Solutions (based on the Australian)
Pair's Outlook
This week the Aussie advanced from the weekly PP at 0.9264 and reached the weekly R2 at 0.9379 today. We do not expect the pair to appreciate much higher as it is already trading near this year's high; however, some small climb towards the monthly R1 is possible. Nevertheless, if in the short term Australia's currency fails to breach the weekly R2 then a drop below the 20-day and towards the weekly PP at 0.9264 is expected.
Traders' Sentiment
Market sentiment remains unchanged as bears continue to hold 55% of all of the open positions on the pair. Bullish side of pending orders, however, increased 18% and is at 66% today.
© Dukascopy Bank SA