© Dukascopy Bank SA
"Investors are getting more optimistic about the outlook for the U.S. economy. The risk-on tone across the market is supporting the Aussie"
- FX Prime Corp. (based on Bloomberg)Pair's Outlook
The pair shows signs of weakness, but has still some room to grow before reentering the down-trend. The nearest obstacle overhead may be found at 1.0419/33, but this level should not contain the price, which could in fact rise as high as 1.0472/88. The latter level, on the other hand, is anticipated to act as a ceiling and prevent further attempts of the aussie to appreciate any further.
Traders' Sentiment
The share of short positions has soared on AUD/USD up to 70%. Consequently, bulls right now are in a distinct minority, taking up only 30% of the market. On a related note, the ratio between buy and sell orders is 49% to 51%, giving no particular signal.
© Dukascopy Bank SA