© Dukascopy Bank SA
- Barclays (based on Bloomberg)
Pair's Outlook
The Australian Dollar did not waste time yesterday and came close to touching the upper trend-line of the multi-month bearish channel. The bias is therefore negative, as we expect emergence of a new down-leg in the near future. By the end of the next week AUD/USD should already pierce through the monthly S1. The next target will be 0.68, where the lower boundary of the pattern coincides with the monthly S2.
Traders' Sentiment
Bears are outnumbered by a wide margin. While they take up only 28% of the market, 72% of open positions are long. As for the pending commands, just like yesterday, there is still no notable difference between the buy (54%) and sell (46%) ones.
© Dukascopy Bank SA