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- Rivkin (based on MarketWatch)
Pair's Outlook
Considering that the exchange rate settled beneath the last year's August low, we should expect a further decline in the Aussie's value. Still, the currency pair needs to confirm 0.8845 as the new resistance before it will aim for 0.87—an important psychological level. Outperformance of the U.S. Dollar compared to its Australian counterpart is also suggested by the weekly and monthly technicals.
Traders' Sentiment
Bulls continue to ignore poor performance of the Australian Dollar and remain firm in their views—74% of open positions are long, meaning the sentiment towards AUD/USD stays strongly bullish. The distribution between the buy and sell orders is more volatile—it is now considerably more skewed in favour of the former—66%.
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