© Dukacopy Bank SA
- Westpac (based on the Australian)
Pair's Outlook
The Aussie cannot find a reliable and strong enough support to stop the selling of the pair, as of today the pair fell to a new low this year at 0.8205. There is a possibility that the pair will be underpinned by the 0.82 level and the weekly S1 at 0.8183. Still, in longer-term (by the year end or early next year) we expect the pair to depreciate towards the 0.80 level; moreover, that is what is likely to happen according to the daily and weekly technical indicators.
Traders' Sentiment
There is a strong conviction in the market that the Aussie is heavily undervalued, being that as many as 70% of open positions are currently long. As for the orders, the amounts of buy (40%) and sell (60%) ones are narrowing.
© Dukacopy Bank SA