Note: This section contains information in English only."The current 'death valley' at US$0.7700-US$0.7750 remains intact, suggesting that investors continue to grow cautious of not only the long Aussie position overhang, but also the sustainability of iron ore prices."
- Stephen Innes, trader at OANDA (based on The Business Times)
Pair's Outlook
[ANNOUNCE]The Aussie has been appreciating against the US Dollar since the beginning of the year, but the pair formed an ascending channel pattern only in mid-January.[/ANNOUNCE] On Friday the channel's support line managed to limit the losses, preserving the pattern, which should consequently lead to a rally today. Even though technical indicators are also in favour of the positive outcome, the Australian Dollar could struggle to outperform the US counterpart due to lack of impetus. As a result, the 0.77 major level is unlikely to be reclaimed, but a significant bearish development is also doubtful, as the commodity currency is being supported by the weekly PP.
Traders' Sentiment
Market sentiment remains bearish, now at 67% (previously 66%). The portion of sell orders barely changed, having fallen from 57 to 58%.
Mon, 20 Feb 2017 15:35:31 GMT
Source: Dukascopy Bank SA
- Stephen Innes, trader at OANDA (based on The Business Times)
Pair's Outlook
[ANNOUNCE]The Aussie has been appreciating against the US Dollar since the beginning of the year, but the pair formed an ascending channel pattern only in mid-January.[/ANNOUNCE] On Friday the channel's support line managed to limit the losses, preserving the pattern, which should consequently lead to a rally today. Even though technical indicators are also in favour of the positive outcome, the Australian Dollar could struggle to outperform the US counterpart due to lack of impetus. As a result, the 0.77 major level is unlikely to be reclaimed, but a significant bearish development is also doubtful, as the commodity currency is being supported by the weekly PP.
Traders' Sentiment
Market sentiment remains bearish, now at 67% (previously 66%). The portion of sell orders barely changed, having fallen from 57 to 58%.