© Dukascopy Bank SA
- St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
The currency pair was able to surge by more than 100 pips yesterday, piercing through the falling resistance and thereby breaking out of the bearish channel it has been trading within since mid-May. However, at the moment the rate is retreating from the recent high, implying that it is going to confirm 0.9040 as the new support before resuming the recovery that in turn should be limited by 0.9321.
Traders' Sentiment
Though the relative amount of long positions on AUD/USD declined, the bulls retain a substantial advantage over the bears, who are taking only 30% of the market. Speaking of orders, there is no significant difference between the numbers of the buy (47%) and sell (53%) ones.
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