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"With the decision in December to start tapering the US dollar is going to finish 2013 with some momentum and obviously that hurts the Australian dollar."
- Westpac (based on SMH)
Pair's Outlook
Right now AUD/USD is trading just beneath the resistance at 0.8925/03, meaning a decline and then a test of the August low is the most probable course of events. This scenario is also supported by the daily and monthly technical indicators, but the line in the sand at 0.8845/37 is considered to be tough and therefore may not let the Aussie to re-test it.
Traders' Sentiment
The Australian Dollar continues to be the most popular major currency, on average being acquired in 73% of trades in its crosses. Perfectly the same distribution in favour of the Aussie is observed in the AUD/USD market. Concerning the orders, the gap between the buy and sell ones is currently narrowing.
© Dukascopy Bank SA