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- Sumitomo Mitsui Banking Corporation (based on CNBC)
Pair's Outlook
Taking into account that the resistance at 0.9508, being the 38.2% Fibonacci retracement of the April-August decline, remains intact, the medium-term risks are still assumed to be tilted to the downside. Nevertheless, the support at 0.9404/0.9379 did not let the rate to go lower, but forced it to move in the direction provided by the daily technical indicators, namely upwards.
Traders' Sentiment
If we assume the frequency (in %) with which a currency is purchased in its crosses as a measure of currency's popularity, then the Australian Dollar would get the second place, being bought in 72% of cases, losing only to the Turkish Lira. Accordingly, there is a notable difference between the amounts of bullish (66%) and bearish (34%) market participants on AUD/USD.
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