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"We've started the week with a risk-relief rally that's being reflected in kiwi and Aussie. The risks of a Greek exit seem to have reduced just slightly."
- Mike Jones, a Wellington-based currency strategist at Bank of New Zealand Ltd. (based on Bloomberg)
Pair's Outlook
Aussie appreciated against the US dollar as the risk of Grexit (Greece leaving Eurozone) slightly faded. The pair has been holding above the weekly pivot point at 0.9812, however it is likely that the pair could retrace further and if this is the case, it is likely to test the 0.9705 (lower support line) and the 0.9690/60 zone (S1 Weekly; lower Bollinger band).
Traders' Sentiment
Traders' sentiment is bearish, as the overwhelming majority (74%) of traders stay short on AUD/USD. Merely 26% of market participants expect the British Pound to appreciate.
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