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"The major foreign currencies have been moving higher against the dollar and I think that move is over."
- Marc Chandler, Brown Brothers Harriman (based on MarketWatch)
Pair's Outlook
The last three days the Australian Dollar has been sharply depreciating. As a result, AUD/USD went down by three figures and reached the bearish support line at 0.8971/59, where the price may start a shallow upward correction. This rally in turn will have a low chance of succeeding at 0.9064/43, the resistance formed by the monthly PP and weekly S2.
Traders' Sentiment
There has been a significant four-percentage-point decline in the share of AUD-long market participants lately, being that debasement of the Aussie probably discourages bulls. Now 70% of open positions are long, 74% were long yesterday. However, the level of antipodean's popularity did not suffer, the currency is still preferred by an overwhelming majority in the whole SWFX marketplace—74% of traders.
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