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"We think it's [AUD] going to depreciate in the medium term."
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
For now AUD/USD preserves buoyancy with the help of a formidable support area formed by the various studies, such as monthly and weekly pivots, 20-day SMA and 38.2% Fibonacci retracement of the 2008 Oct—2011 Jul move. On the other hand, the chance of the pair mounting the resistance at 0.9310/00 is low, considering price action early this quarter.
Traders' Sentiment
At the moment 72% of all open positions on AUD/USD in the SWFX market are long, reflecting the fact that the Australian Dollar is the most popular currency among its major counterparts, on average the currency is acquired in 71% of trades in its crosses. As for the orders, 45% are buy and 55% are sell ones.
© Dukascopy Bank SA