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- Janu Chan, St George economist (based on Bloomberg)
Pair's Outlook
Aussie has been on the decline for the last three trading days, and AUD/USD is currently testing the 20-day SMA at 1.0253 (near Support 2). If the level is broken, we are likely to see a slide towards parity, where activation of bulls is expected. Weekly R1 at 1.0417 is capping the pair's potential bullish moves, serving as the first target for long traders.
Traders' Sentiment
Almost 62% of traders believe in the bullish scenario, amid 38% attempting to push the pair lower. Traders all over the globe were positively surprised by Australian PPI release, giving additional hopes on pair's further augmentation.
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