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- C.Clyne, Chief Executive at National Australia Bank (based on Fox Business)
Pair's Outlook
After a slight breakout from the Channel Up pattern, AUD/USD is striving towards the Upper Bollinger band around 1.0581 and weekly R1 at 1.0576. Bearing in mind that the weekly forecast has been significantly exceeded, we are likely to experience a slight bearish movement closer to 200-day SMA around 1.0299. RSI (14) currently is likely to give a Sell signal in near term.
Traders' Sentiment
On the SWFX sentiment index we have seen a slight decline of bullish expectations, as today 56% (down from 59% yesterday) of market participants expect the pair to move higher. However, 44% of traders believe in a near-term trend reversal and a bearish correction.
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