© Dukascopy Bank SA
- Westpac Banking Group (based on the Australian)
Pair's Outlook
It seems that the market participants are waiting for something more substantial to happen to start trading the pair; therefore, the pair's value is little changed. We do not expect the Aussie to appreciate much higher; however, the pair's decline below the monthly PP at 0.9368 could trigger a sell-off. At the same time it is hard to imagine that the pair could sharply plummet towards the 0.93 level; although, that is not excluded from the scenario.
Traders' Sentiment
More and more traders consider the advance in AUD/USD to be overstretched. Accordingly, the share of long positions has grown from 27% up to 56% during last 10 trading days. In the meantime, the share of sell orders grew from 70% to 72%.
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