© Dukascopy Bank SA
- Swissquote Bank SA (based on Bloomberg)
Pair's Outlook
The pair is being pushed higher by the 20-day SMA and at the current moment it is trading just above the weekly PP at 0.9359. The technical indicators suggest that the pair is likely to appreciate and we also hold the same opinion. If the pair closes above the weekly PP then it could head towards the weekly and monthly R1 at 0.9397/0.9412. However, if the Aussie fails to consolidate above the weekly PP then some decline might be expected.
Traders' Sentiment
Even though the difference between the bullish and bearish market participants narrowed, it still remains rather big, 38% and 62% respectively. Concerning the orders placed 100 pips from the spot, there are now considerably more commands to buy—76%.
© Dukascopy Bank SA