© Dukascopy Bank SA
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
The bulls have pushed the price up to 1.0336 unhindered. Now the motion north should encounter strong selling pressure. Overhead lies area formed by a combination of 20-day SMA with a weekly R1 at 1.0371/58. Even higher there is the 200-day SMA (1.0395) that is expected to introduce more bears into the market, obstructing further advancement.
Traders' Sentiment
Shorting the currency pair is getting more popular, 66% of traders are short, while AUD/USD is stepping higher, meaning that market participants are probably anticipating a soon turnaround. The gap between the buy and sell orders widens, but is negligible—only 8% in favour of the latter.
© Dukascopy Bank SA