© Dukascopy Bank SA
- OM (based on news.com.au)
Pair's Outlook
The Australian Dollar reached the major level at 0.94; nonetheless, we do no see the Aussie setting new high this year. Therefore, we do not think that the pair will trade above the weekly R2 at 0.9437. And while the weekly technical studies are presently bullish, the currency pair is unlikely to move far beyond current market price. We expect the Aussie to slide closer to 0.93 level, which was breached at the end of the last week.
Traders' Sentiment
An overwhelming majority (75%) of the traders believe that the buck is going to regain its bullishness and increase in value relative to the Australian peer. However, the distribution between the buy and sell orders is quite stable—55% and 45% respectively.
© Dukascopy Bank SA