© Dukascopy Bank SA
- FPG Securities (based on CNBC)
Pair's Outlook
The Australian Dollar managed to reach the 20-day SMA on Friday, which pushed the AUD/USD pair back down. As a result, the Aussie suffered substantial losses, and the monthly PP failed to prevent the fall. However, the 55-day SMA succeeded, as the trading session ended at 0.7827. Today we expect more weakness in the given pair, but the 55-day SMA might prove difficult to breach. Therefore, we should not rule out the possibility of a slight rebound towards the monthly PP. Meanwhile, technical studies retain their mixed signals.
Traders' Sentiment
Market sentiment improved, as 73% of traders are now long the Aussie (previously 70%). The number of buy orders in the 100-pip range from the spot decreased dramatically, from 70 to 19%.
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