© Dukascopy Bank SA
"It's no surprise to see the Aussie outperforming across the board. Expectations of a December rate cut from the RBA have been pared back further"
- Royal Bank of Canada (based on Bloomberg)Pair's Outlook
AUD/USD has already touched an upper edge of a bearish channel and may soon commence sliding down and thus follow the general trend. However, it may linger near the currency levels, as indicated by technical studies. The initial support is to be found at 1.0398, whereas a more reliable area is situated slightly lower, it stretches from 1.0380 (100-day SMA) to 1.0352 (55-day SMA).
Traders' Sentiment
Bulls at the moment are in a minority, constituting 37% of the market. Consequently, bears are in charge, although their percentage has fallen considerably since yesterday, as traders are becoming less confident that AUD/USD is going to decline. As for the orders, 51% of them are to buy the aussie and 49% are to sell it against the greenback.
© Dukascopy Bank SA