© Dukascopy Bank SA
"The Aussie dollar is going to be quite soft going forward. There could be a move toward parity if we start to see deterioration in the stock markets globally"
- Bank of Montreal (based on Bloomberg)Pair's Outlook
AUD/USD did not yet close beneath 1.0342/20, a key support, but there are already few reasons to believe the bullish outlook will be preserved. Following a breakout of an uptrend support line we are likely to observe an extension of a dip down to 1.0133 with a scope of a further decline to 0.9915. In order to rule out the possibility of such a scenario in the near future, the pair has to get a foothold above 1.0521/30 and commence a recovery.
Traders' Sentiment
SWFX traders' sentiment index gives mixed signals, since the ratio between bulls and bears is 54% to 46%, accordingly, even though the U.S. Dollar is the most popular currency among its major counterparts. As for the pending orders, both buy and sell orders constitute equal amounts.
© Dukascopy Bank SA