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"China's growth has moderated to a more sustainable pace, but does not appear to be slowing further. [...] The exchange rate, however, has remained high, despite the observed decline in the terms of trade and the weaker global outlook."
- Glenn Steven, RBA Governor (based on WSJ)
Pair's Outlook
AUD/USD slumped lower yesterday, though today is managed to cover some of the previous daily losses while advancing towards 1.0574 (23.60% Fibo). A breakout here would expose the second and third resistance levels at 1.0629 (Upper Bollinger band) and 1.0668 (R2 Weekly), respectively.
Traders' SentimentAUD/USD maintains an upbeat trend still as 54% of investors are holding long positions at the moment while 46% currency traders stick to a bearish outlook. Disposition of pending orders shows that investors haven't made their mind yet on where the pair is going to move further as 51% of traders expect the pair to appreciate, contrary to 49% of bearish investors.
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