AUD/USD drops towards weekly S1 at 0.9223

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The fiscal impact of government activity on the Australian economy is likely to be more contractionary than expected for the next couple of years, further reducing the need for the RBA to move interest rates higher."
- Triple T Consulting (based on Bloomberg) 

Pair's Outlook 
This week the pair was little changed and mostly traded around the major level at 0.9250, excluding today's decline. Today the Aussie slid below 0.9250 and currently it is fighting the weekly S1 at 0.9223. We expect the pair to prolong its drop towards the next more significant support level (55 and 200-day SMAs; weekly S2 and monthly S1) around 0.9194/65. In general we do not see the pair breaking 0.93 in the near term. 

Traders' Sentiment 
The sentiment towards the idea that the Aussie will appreciate against the greenback fell to the lowest level in 20 days by reaching 29%. The distribution between the buy and sell orders is stable—52% and 48% respectively.
© Dukascopy Bank SA
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Fri, 02 May 2014 14:07:32 GMT

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