© Dukascopy Bank SA
- Westpac (based on The Sydney Morning Herald)
Pair's Outlook
Even though most of the near-term technical studies remain positive, AUD/USD is still undergoing a bearish consolidation. However, considering that the currency pair is closing in on the significant level of 0.93, there is a good chance the sell-off will soon come to an end, thus allowing bulls to regain control of the market. In case this does not turn out to be the case, the Aussie could then weaken to 0.9150—monthly PP and 200-day SMA.
Traders' Sentiment
Bears continue to dominate the market, holding 66% of open positions. In addition, bullish side of the pending orders contracted by 28-30 percentage points and pending orders are almost equally distributed between the buy and sell ones.
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