© Dukascopy Bank SA
- Commonwealth Bank (based on Bloomberg)
Pair's Outlook
The Aussie is weakening against the US Dollar and it has slipped below the weekly and monthly S1 at 0.8427/0.8395. We do not see any substantial level that could halt the current decline ahead; although, most likely the pair will chose one, either the major level at 0.83 or the monthly S2 at 0.8280. Although, a further decline, after reaching these levels, are not excluded. Moreover, the weekly technical studies remain in favour for the bears.
Traders' Sentiment
The traders' sentiment with respect to AUD/USD stays explicitly bearish, since as many as 74% of open positions are long. In the meantime, the gap between relative number of buy and sell orders is narrow—100-pips from the spot price their share are 54% to 46%.
© Dukascopy Bank SA