© Dukascopy Bank SA
- Objective Trading (based on the CNBC)
Pair's Outlook
Currently we see implications of the recent failure of bulls to take the price above 0.9843/25 and thus confirm a reversal. The support, a test of which entailed a more than two-figure upward correction, is now giving in. Once it is breached, and there are few reasons now to doubt that the price will not close below 0.9577, AUD/USD is likely to aim for lower levels, namely 0.9486, 0.9445 and 0.9363.
Traders' Sentiment
While the ratio between the bulls and bears in EUR/USD currency pair is resilient, traders' sentiment towards AUD/USD underwent major changes. The percentage of long positions plummeted from 70% down to 40% within a day in light of the precipitous drop of the Aussie's price.
© Dukascopy Bank SA