© Dukascopy Bank SA
- Westpac (based on Bloomberg)
Pair's Outlook
Despite strong Australian fundamentals published early today AUD/USD remains unable to surpass the 200-day SMA at 0.7250. If the resistance holds, which appears to be the case, the price should soon revisit last month's lows and set course towards the weekly S3 and monthly S1 at 0.7020/14. Alternatively, if the supply zone is violated, the rally will likely extend towards a cluster at 0.7370/55 (monthly PP, weekly R3 and 100-day SMA).
Traders' Sentiment
SWFX traders are net long the Aussie, but the advantage of bulls declined, albeit insignificantly—from 75 to 72%. As for the commands placed around the spot, the percentage of buy ones declined dramatically, from 74 to only 48%.
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