© Dukascopy Bank SA
- Union Bank NA (based on Bloomberg)
Pair's Outlook
This week AUD/USD has changed just slightly in its value. Although, on Tuesday the Aussie touched the weekly S1 at 0.9334, on Wednesday the losses were reversed. The next target for pair's bulls is the monthly R1 at 0.9415. This week the Aussie broke this resistance level; however, it failed to consolidate above it. In case Australia's Dollar breaches the monthly R1 then it could look towards the weekly R1 and possible the 2014 high at 0.462. In longer haul we think the pair will slide towards the 0.93 level.
Traders' Sentiment
The sentiment towards AUD/USD slightly improved, but a majority of the market participants are still expecting the Australian currency to underperform, namely 59% of them.
© Dukascopy Bank SA