AUD/USD to settle beneath 0.9577

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Many of the Asian central banks have diversified and they are still buying Aussie dollar and the bond, as it's still the highest yielding bond out of the G10 currencies."
- Objective Trading (based on the CNBC)

Pair's Outlook

Currently we see implications of the recent failure of bulls to take the price above 0.9843/25 and thus confirm a reversal. The support, a test of which entailed a more than two-figure upward correction, is now giving in. Once it is breached, and there are few reasons now to doubt that the price will not close below 0.9577, AUD/USD is likely to aim for lower levels, namely 0.9486, 0.9445 and 0.9363.

Traders' Sentiment
While the ratio between the bulls and bears in EUR/USD currency pair is resilient, traders' sentiment towards AUD/USD underwent major changes. The percentage of long positions plummeted from 70% down to 40% within a day in light of the precipitous drop of the Aussie's price.
© Dukascopy Bank SA

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