© Dukascopy Bank SA
"You're not going to see anything decisive in the currency markets until this Fed meeting."
- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
While the technical studies are mixed in all the time-frames, AUD/USD keeps moving within the bearish channel (since May). Right now the currency pair is undergoing an upward correction, which is expected to come to an end around 0.72, where the upper boundary of the pattern is reinforced by the monthly pivot point. From there the Aussie is likely to head to the lower edge of the channel at 0.68, where it coincides with the monthly S2 level.
Traders' Sentiment
Concentration of bulls in the SWFX market remains relatively high. Right now 71% of all traders expect the Aussie to appreciate. Concerning the orders, the portion of sell ones dropped from 62 to 55% compared to the Friday's data.
© Dukascopy Bank SA