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- Credit Agricole (based on MarketWatch)
Pair's Outlook
Despite the bearishness implied by the daily technical indicators, AUD/USD jumped 50 pips to the weekly R1. Unless the price surges another 100 pips from here, the overall outlook on the currency pair will remain strongly negative, being that the key resistance zone, formed by the 200-day SMA, monthly PP and the 38.2% Fibonacci retracement of the April-august sell-off, should force the price to continue moving lower.
Traders' Sentiment
Although fundamentally the preferences of the SWFX market have not changed (the Australian Dollar remains one of the most popular currencies), the percentage of open long positions on AUD/USD has significantly decreased since the previous report, namely from 70% down to 66%.
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