© Dukascopy Bank SA
- Westpac (based on the Sydney Morning Herald)
Pair's Outlook
AUD/USD has extended its yesterday's decline and it is trading above the weekly S2 at 0.9255. To our mind the pair is poised for a further retreat and it might move towards the Bollinger Bands at 0.9224. The technical indicators are sending mixed signals—weekly indicators support an advance, but monthly indicators support a decline. Taking that all into account, we see the pair slipping closer to 55 and 200-day SMAs; however, at that point we might see some consolidation.
Traders' Sentiment
A considerable majority of traders stay pessimistic with respect to the Australian currency. Right now as many as 68% of them expect it to lose value against the U.S. Dollar.
© Dukascopy Bank SA