© Dukascopy Bank SA
"The Chinese GDP came out just below the market consensus, which is a positive result. The growth momentum is still slowing down, so I wouldn't jump the gun just yet. But we can probably see more of a short squeeze in the Aussie in the near term."
- Jonathan Cavenagh, Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
The Aussie dollar stabilizes against the American dollar, though the general trend remains negative. Initial support level 1.0118 (61.80% Fibo) is going to be the first initial resistance level for investors, which is likely to be followed by 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly) once bearish momentum gains strength.
Traders' Sentiment
Bearish sentiment on AUD/USD has eased since yesterday as 55% of investors (57% yesterday) are currently keeping short positions and 45% of market participants anticipate the pair to appreciate further. Pending orders positioning shows that 63% of investors foresee bullish rally commencement.
© Dukascopy Bank SA