© Dukascopy Bank SA
"Signs of economic data bottoming out are helping to sustain interest in Asian currencies. Funds are still flowing into Asia and that will provide support"
- Societe Generale SA (based on Bloomberg)Pair's Outlook
Presently the spot price is above the 100-day SMA, however, the rally is unlikely to be sustained as in the recent cases, given that formidable resistance levels lie overhead. AUD/USD could potentially climb over 1.0419/26, if we rely on daily technical indicators, but the pair should be capped by an area at 1.0472/88 and thus remain within a slightly downward sloping channel.
Traders' Sentiment
According to the SWFX traders' sentiment, most of traders (59%) prefer to enter short positions on AUD/USD, implying that the idea of a soon dip is gaining popularity. Still, there are more orders to buy (54%) than to sell (46%) the aussie.
© Dukascopy Bank SA