© Dukascopy Bank SA
- ANZ (based on WBP Online)
Pair's Outlook
The Australian Dollar failed to reach the weekly PP, but appreciated against its US counterpart nonetheless. The outlook remains grim, as technical indicators keep giving bearish signals, suggesting the Aussie might fall towards the 0.70 mark, which, in turn, is now bolstered by the Bollinger band. However, the spot price is still rather far from the down-trend, meaning a possibility of a rally remains. The weekly PP near the 0.71 major level is still the closest resistance, but focus now set on the 55-day SMA, which is required to be pierced in order to reach the trend-line.
Traders' Sentiment
SWFX traders' sentiment improved today, as 74% of traders are long the AUD. Meanwhile, 72% of all orders are to sell the Aussie.
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