© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The latest decline from 0.78 has already offset a half of this year's gains and AUD/USD stands ready to go even lower. The bearish case has been recently strengthened further with the price closing below the 200-day SMA, which is currently being tested. Accordingly, we expect the rate to bounce off of 0.7250 and then revisit February lows. Alternatively, should the Aussie gain a foothold above 0.7250, our focus will shift towards 0.7360/50, where the weekly R3 coincides with the 100-day SMA.
Traders' Sentiment
Three quarters of the SWFX market participants have chosen to be long the Australian Dollar against its US counterpart. The share of bulls might increase even further, being that 74% of orders set within 100 pips from the spot are to purchase the Aussie.
© Dukascopy Bank SA