AUD/USD stays directionless

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I'm sure as much as one can be that the RBA will not be reducing rates. I think the text will confirm the current cycle of easing is over and that could be a positive for the Aussie."
- Hans Kunnen, St. George Bank Ltd. (based on Bloomberg)


Pair's Outlook

Even though most of the technical indicators on all three relevant time-frames are in favour of further Aussie's depreciation, AUD/USD is contained by 0.8845/11 from above and by 0.8700/0.8679 from below and therefore has been staying flat for the past two weeks. Thus, the currency pair may continue to remain largely inactive, but a path of the least resistance is considered to be to the downside.

Traders' Sentiment

The number of long positions relative to the number of short ones decreased, but the sentiment in the market towards AUD/USD is nonetheless noticeably bullish—70% of traders believe the Aussie is going to gain value. As for the orders, the percentage of sell ones soared from 30% up to 71%.
© Dukascopy Bank SA

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