© Dukascopy Bank SA
- CIBC (based on MarketWatch)
Pair's Outlook
Last week AUD/USD bounced off the down-trend resistance line that has been preventing prolonged rallies since mid-May. Consequently, there is a good chance the pair will continue descending down to 0.8700/0.8672 before showing any significant bullish signs (of correctional nature), as it is the current location of the lower boundary of the bearish channel.
Traders' Sentiment
The Australian Dollar stays as one of the most preferred currencies in the SWFX marketplace—70% of positions in its crosses imply appreciation of the Aussie. Specifically in AUD/USD the share of longs amounts to 72%. Among the pending orders, only 43% are to purchase AUD against USD.
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