© Dukascopy Bank SA
- Westpac (based on TheBusinessTimes)
Pair's Outlook
The Australian Dollar behaved in accordance with expectations on Friday, having slumped against the US counterpart, crossing the 0.74 threshold. Technical studies are no longer giving bearish signals, suggesting that the long-anticipated U-turn is nigh. However, the bullish momentum is likely to be limited by the Bollinger band, the monthly S2 and the weekly PP, which altogether form a strong supply area around 0.7390. Furthermore, the AUD/USD currency pair could continue falling down until a significant low is reached, such as the May low of 0.7145.
Traders' Sentiment
Market sentiment turned bullish over the weekend, having risen from 44 to 56%. The share of sell orders barely changed. The buy and the sell orders now take up 39% and 61% of the market, respectively.
© Dukascopy Bank SA