AUD/USD weakens below 0.82

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think it was always going to be a difficult day for the Aussie given that Wall Street was in a bad mood going into the weekend; given that we had iron ore prices down on Friday night."
- Westpac (based on the Australian)


Pair's Outlook
The AUD/USD cross has dropped below the 0.82 level that served as a support level for awhile. This move can fuel a further drop towards the 0.80 level; moreover, the weekly technical indicators are sending signals that the pair currently is overbought. Nonetheless, the possibility of the pair rebounding has not vanished, thus if the pair climbs back above the 0.82 level then it could consolidate there before an advance.

Traders' Sentiment
More than 70% of the SWFX market participants believe that the Aussie is going to outperform the U.S. Dollar. However, this number is likely to go down, as 81% of orders are placed to sell the Australian Dollar.
© Dukascopy Bank SA

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