© Dukascopy Bank SA
- Citigroup (based on the Australian)
Pair's Outlook
The AUD/USD cross has fallen below the December low at 0.8822; however, it still is sitting on the weekly S2 at 0.88 that is also the major level. Regarding the technical indicators nothing has changed since yesterday, still the daily and monthly ones are to the downside. In case the pair declines below the 0.88 mark then it will be fluctuating even closer to 2009's trading levels. Since there is still great amount of bearishness in the market, we expect the pair to approach 2009 December low at 0.8739 in the near term.
Traders' Sentiment
The conviction that the Aussie is oversold has started to increase, as of today 58% of the market participants believe that the Australian currency will outperform the Greenback.
© Dukascopy Bank SA