© Dukascopy Bank SA
- Satoshi Okagawa, Sumitomo Mitsui Banking Corp. (based on Bloomberg)
Pair's Outlook
Despite the difficulties the pair has been facing lately, the price remains in an up-trend and should soon challenge 1.0560/34, where the it is expected to be strongly bid. Further extension of the rally is not deemed as a likely scenario, as the next resistance level at 1.0624 is the highest in 2012. Accordingly, an increasing demand for the aussie is not viewed as a sustainable trend.
Traders' Sentiment
AUD/USD currency pair may be considered as oversold, since an absolute majority (74%) of SWFX marketplace participants are holding short positions on it. The ratio between buy (48%) and sell (52%) orders wanders around a neutral zone and gives no particular insight into preferences of the traders.
© Dukascopy Bank SA