© Dukascopy Bank SA
- a trader at a Japanese bank (based on CNBC)
Pair's Outlook
Even though the bears at the moment are unable to push the price lower, their pressure is constantly being felt in the market—the rally remains shallow and brittle. The nearest resistance where the recent upward correction may come to an end is 0.9406/0.9348, but at the same time we still cannot rule out a deeper retracement—technical indicators in the long term are mixed.
Traders' Sentiment
As previously mentioned, overnight changes in the share of the long positions of up to five percentage points are typical for AUD/USD. Therefore an increase to 74% from yesterday's 71% is not viewed as a substantial or important change in traders' positioning in the currency pair.
© Dukascopy Bank SA