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- Credit Agricole (based on MarketWatch)
Pair's Outlook
Today the exchange rate plummeted through the weekly S1 and now it is rapidly advancing towards the next weekly support at 0.8977/74, which also is unlikely to hold the currency pair for long. Afterwards AUD/USD should target the monthly S1 at 0.8925/00, but the sell-off is likely to persist at least until the August low at 0.8845 is reached.
Traders' Sentiment
Regardless of the precipitous decline of the Australian Dollar's value the bullish traders hold on to their positions, their share is unchanged at 72%. Similarly, the distribution between the buy and sell orders is also stable, but is heavily skewed towards the latter type—61% of the total number.
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