© Dukascopy Bank SA
- Westpac Institutional Bank (based on MarketWatch)
Pair's Outlook
As expected, a dearth of notable resistances in the way of the currency pair above the cluster at 1.0403/1.0387, which consists of the 100 and 200-day SMAs, has led to substantial gains. Moreover, the rally is not considered to be overextended yet, as it preserves potential to climb up to 1.0502/1.0491 in the near future. However, technicals on longer time frames imply weakening of the bullish impetus later on.
Traders' Sentiment
Even though the short squeezing is still topical for AUD/USD, the portion of bulls is stable, although it is decreased, at 30%. Accordingly, traders who foresee a decline in the price take up the majority in the market—70%. The situation is different among the placed orders, 58% of which are to buy the Aussie.
© Dukascopy Bank SA