© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on The Australian)
Pair's Outlook
The Aussie faced a big drop yesterday, as it slipped to the weekly PP level at 1.0304 without any reason from a technical analysis perspective. Today AUD/USD sharply appreciates and currently the price is heavily exceeding the upper Bollinger band at 1.0353 and the 100-day SMA at 1.0366. Further appreciation would be unrealistic until the Bollinger band will catch up the spot price, thus the pair should to take a breath or just consolidate around a current level.
Traders' Sentiment
Traders might be facing huge losses, as the price increases sharply and the majority of positions, 75%, are short. Placed orders market is skewed towards a bullish side, as 58% are waiting to be opened as buy positions.
© Dukascopy Bank SA