© Dukascopy Bank SA
- Monex Inc (based on CNBC)
Pair's Outlook
The Australian Dollar declined against the Greenback yesterday, but a lot more than expected. Instead of a small slide towards 0.7780 the AUD/USD pair managed to drop down by 84 pips. The monthly PP and the 55-day SMA provided enough support to prevent the Aussie from slumping further. Technical studies retain their mixed signals in the daily timeframe, but we still expect the pair to fall deeper down today. Several supports are creating a blockade for the pair around 0.7705; however, there is a solid chance of it being breached. Meanwhile, the weekly PP should limit any shallow gains.
Traders' Sentiment
Long positions lost two percentage points and now account for 66%. The portion of buy orders take up only a third of the market (33%).
© Dukascopy Bank SA