© Dukascopy Bank SA
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
It seems that today could end the nine straight day bullish run for the Aussie, which yesterday breached the monthly R1 at 0.9410. In our humble opinion the pair is overvalued at the moment and that this advance was overstretched. For now we are expecting a correction in currency pair's value, meaning that we expect a drop. The next bearish target (the 55-day SMA, weekly and monthly PPs) is considerably lower at 0.9315/06.
Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Aussie. And this number could go up, as 69% of orders are placed to purchase the greenback. Although, the share of buy orders grew significantly from 23% to 81%.
© Dukascopy Bank SA