© Dukascopy Bank SA
- JPMorgan (based on the Australian)
Pair's Outlook
The Australian Dollar is continuing to fall sharply, this week AUD/USD has lost almost 200 pips. The technical indicators are still to the downside, most of the daily and monthly ones are suggesting that the decline will continue. However, the pair is trading above the lowest level this year at 0.8660, which was set on January. The next substantial support level that could hold back the pair's bears is the major level at 0.87; moreover, we expect consolidation around that level.
Traders' Sentiment
Current decline is apparently encouraging some of the market participants; as compared to the yesterday's readings, the share of long positions gained from 58% to 63%.
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