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"Europe is still going to be the key event this week. If we see a not-so- favorable outcome from Spain, we could see the Aussie come down."
-TD Securities (based on Businessweek)
Pair's Outlook
Pair recovered all of it's yesterdays losses and currently is trying to breach weekly pivot point/Fibonacci (23.6% of move since 6th of September) at 1.0449/51. Although technical indicators on aggregate point at appreciation of the pair, quite a few of them give neutral signals as well, therefore it is likely we shall continue seeing choppy sessions as in the past week.
Traders' Sentiment
USD and AUD, both are the most bought major currencies across the board—64% and 55% of all cases respectively. As consequence, market sentiment is only in slight favor for the bulls—52% of all open positions on the pair are long. In addition, 55% gauge of pending buy orders does not suggest any major changes in the future.
© Dukascopy Bank SA