© Dukascopy Bank SA
- Westpac (based on the Australian)
Pair's Outlook
The Aussie gained bullish momentum and climbed above the weekly PP and major level at 0.9297/0.9300, respectively. Although, the technical studies state that further appreciation is not likely. To our mind, today's dip is a short-term happening and in the medium to long term the pair will slide lower. The next target level for the pair's bears is the recent low around 0.9240; moreover, we expect the pair to slip towards this level in the upcoming days.
Traders' Sentiment
It seems the SWFX traders are encouraged by today's jump and the sentiment is now strongly bullish, with 67% of them expecting the Aussie to prolong its advance. In the meantime, the share of buy orders grew from 36% up to 48%.
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