© Dukascopy Bank SA
- CMC Markets (based on CNBC)
Pair's Outlook
After a short correction observed last Friday AUD/USD is ready to recommence its advancement en route to 0.9857/25, even though the path is obstructed by an intermediate resistance zone at 0.9736/11. Beyond this point the Aussie has a low chance of appreciating, being that the major trend is bearish. On the other hand, there is a three-year low at 0.9387 that will not allow the pair to fall freely.
Traders' Sentiment
Overall the situation in AUD/USD is unchanged—an overwhelming majority (74%) of traders hold long positions and there are no signs the SWFX market participants are willing to recant expectations of a rally any time soon. The ratio between the buy and sell orders is 54% to 46%.
© Dukascopy Bank SA