© Dukascopy Bank SA
- Rochford Capital (based on Bloomberg)
Pair's Outlook
The demand for the Australian Dollar has considerably increased since yesterday, as reflected by the most recent spike in the chart. However, a ceiling at 1.0577/59 in conjunction with 1.0624/12 has capped the price since March and has not yet been overcome, decreasing the possibility of a sustainable rally from the present levels. In the meantime, the pair is underpinned by an area of confluence of 20, 55, 100 and 200-day SMAs that stretches from 1.0509 to 1.0352.
Traders' Sentiment
The share of market participants holding short positions has slightly decreased, but this has not impacted the overall picture, as 72% of traders still anticipate the Aussie to depreciate (AUD is bought only in 25% of cases on average across its crosses). Among orders placed on the pair, however, there is a clear prevalence of buy orders that constitute 61% of the total amount.
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