© Dukascopy Bank SA
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
The AUD/USD cross has not fluctuated much today, as it is trading around the weekly PP and monthly S1 at 0.8649/59. The daily and weekly technical indicators at the same time suggest that the previously mentioned support levels are not likely to hold the pair afloat. Now, we think that the pair might test the major level at 0.87; although, there is a large possibility of the pair sliding lower since the bearish trend has not really ended.
Traders' Sentiment
An overwhelming majority (75%) of the market participants continue to think that the pair is heavily oversold for the time being and that it is poised for a rebound. At the same time the gap between the buy (45%) and sell (55%) orders is narrowing.
© Dukascopy Bank SA