© Dukascopy Bank SA
"Stock markets have now started to stabilize. That's helped the Aussie and kiwi to form a bottom and tick up a little bit."
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
AUD/USD failed to reiterate a bullish reversal, although the risk of Grexit (Greece leaving Eurozone) faded, concerns over Spain drive the pair right now. It is likely that the pair could commit a retracement towards 0.9705 (lower support line) and the 0.9690/60 zone (S1 Weekly; lower Bollinger band).
Traders' Sentiment
Traders who stay long on the Aussie are still in a minority, being 37% of the total amount of market participants. On the other side, bears continue to dominate, as they form 63% of the market. Within the 100-pip range, the bearish momentum eases as 56% of traders expect the pair to move south further.
© Dukascopy Bank SA