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"Spain's got some fairly material structural issues that can't be solved overnight, and markets are reluctant to lend at the moment. I could see the Aussie trade a little bit lower."
- Michael Turner, RBC Capital Markets (based on Bloomberg)
Pair's Outlook
AUD attempts to move higher against the US dollar as the Spanish debt turmoil came back into the spotlight. Thus, if AUD/USD to remain bullish, 1.0212 (R1 Weekly; Upper Bollinger band) is going to be the first target for bulls, followed by 1.0283/312 (200-day ma; R2 Weekly) and 1.0493 (R3 Weekly) in case the pair moves higher.
Traders' Sentiment
Holders of long positions (57%) are in majority on AUD/USD relative to those who keep short positions (43%) on the currency pair. At the same time, within 100 points from the recent market price, 68%of investors anticipate further rally of AUD/USD.
© Dukascopy Bank SA