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"What we've got to remember is that the global economy faces a number of issues. On the medium- term basis, we still see the Aussie lower."
- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
The Aussie dollar is trading flat against the US dollar as AUD/USD is currently floating around the 200-day simple moving average (1.0270). However, if bullish momentum continues further, 1.0347 (R1 Weekly) is going to be an initial resistance level. A breach of this line would clear the way to 1.0464 (R1 Monthly) and 1.0574 (23.60% Fibo).
Traders' Sentiment
The sentiment has not changed since yesterday as 71% of investors stick to a bearish outlook over AUD/USD wile 29% of traders still anticipate the pair to fall. Yet, the pending order positioning reflects that 58% of market participants keep bullish stance on the Aussie Dollar-US Dollar currency pair while 42% of currency traders anticipate the pair to eventually fall.
© Dukascopy Bank SA