© Dukascopy Bank SA
"Continued strength in the US dollar as the Fed tapers quantitative easing should keep downward pressure on the Australian dollar."
- AMP Capital (based on The Australian)
Pair's Outlook
With the help of the Bollinger band pair has stopped at the major support at the 0.915 cent area. It is likely that this level will introduce some bullish impetus (as suggested by the Stochastic in the short and medium term) and will send the pair to consolidate at 0.935 cents. Rally to the 20-day SMA is plausible, but at the moment it seems rather unlikely.
Traders' Sentiment
Traders remain strongly bullish on the pair (70% of traders long) indicating that pair might have reached new low already. Pending orders, however, suggest that bears are not willing to surrender easily as 56% of pending orders belong to them.
© Dukascopy Bank SA