© Dukascopy Bank SA
- ABN AMRO Bank (based on CNBC)
Pair's Outlook
As expected, the currency pair was unable to push through the cluster of resistances that stretches from the 2012 low at 0.9387 down to the upper Bollinger band at 0.9302. Therefore AUD/USD is now approaching the support at 0.9182/60 formed by the weekly pivot point and the 20-day SMA, although this area still does not seem to be reliable, the dip could easily extend to 0.9018—the recently breached trend-line.
Traders' Sentiment
The positioning of market participants on AUD/USD became even more crowded on the bullish side, being that the percentage of long positions grew up to 74% from yesterday's 71%. The most likely reason for the change was a buy opportunity provided by the latest dip in the exchange rate, which allowed purchase of the Aussie at a cheaper price.
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