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"Given that the Aussie failed to sustain any move above 90 U.S. cents after the RBA, it's only natural that we see markets start to sell off again."
- OzForex (based on Bloomberg)
Pair's Outlook
AUD/USD still continues to trade above the support at 0.8830/11, but the probability it will breach this area and move towards lower levels remains elevated. However, the chance will considerably decrease once it declines to an important psychological level at 0.87. Even more so, if 0.8542 is reached, being that it is a 50% Fibonacci retracement of the Oct 2008—Jul 2011 move.
Traders' Sentiment
While on average in the whole SWFX marketplace the attitude towards the Australian Dollar is unchanged (the currency is bought in 73 cases out of 100), particularly in its pair with the U.S. Dollar the Aussie became less popular, since the portion of long declined by four percentage points to 70%.
© Dukascopy Bank SA