© Dukascopy Bank SA
- Swissquote (based on FXStreet)
Pair's Outlook
The monthly pivot point not only limited yesterday's upside volatility, but also caused the AUD/USD to slump 63 pips. Technical indicators are now giving bullish signs, suggesting the pair is to rebound today; however, our outlook remains bearish. A potential floor is located at 0.7075, represented by the 20-day SMA and weekly S1. A break of this support is likely to force the Antipodean currency to return to the lowest levels in two weeks and even a fresh five-year low.
Traders' Sentiment
Almost three quarters (74%) of traders hold long positions today, compared to 70% yesterday. The portion of buy orders surged dramatically, from 35 to 76%.
© Dukascopy Bank SA