© Dukascopy Bank SA
"Today's data was a little bit better than expected, and the Aussie might see a modest boost here"
- Commonwealth Bank of Australia (based on Bloomberg)Pair's Outlook
AUD/USD failed to sustain a rally above 1.0398 and fell down to the 55-day SMA. Currently the price is well-positioned to commence a recovery, which should eventually result in a surge up to 1.0455/72, although 1.0361/73 and 1.0398 have the potential to postpone advancement. From below the pair is underpinned by 1.0341/35 and 1.0310/04.
Traders' Sentiment
Bears have increased their dominance on AUD/USD, being that their share grew to 73% of the total number of market participants. Consequently, only 27% of traders expect the Australian Dollar to gain value relatively to the greenback. As for the orders, 49% are to acquire the aussie and 51% are to sell it against the buck.
© Dukascopy Bank SA