© Dukascopy Bank SA
- Bob Shanks, CFO, Ford (based on Bloomberg)
Pair's Outlook
Aussie's rally against Greenback is continuing, and the pair is likely to test the upper Bollinger band at 1.0373 in near term. In case of a successful breach, the pair is likely to be en-route towards 1.0470. the monthly R1, significantly exceeding monthly forecast. After such a sharp climb, there is an increased risk of a bearish correction to weekly S1 at 1.0212.
Traders' Sentiment
Aussie's success is attracting an increased number of bulls, as they now account for 73% of the pair's market, adding impetus to pair's upward movement. However, 27% of traders hope on a bearish correction that would stop the impressive long-term climb.
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