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"If there's any support in the Aussie dollar, that will be because of the divergence of fundamental outlooks" between Australia and the broader global economy."
- United Overseas Bank Ltd. (based on Bloomberg)
Pair's Outlook
AUD/USD continued trading in a bullish trend as the Australian quarterly GDP data were higher than expected (1.3% act./0.5% est.). If the pair maintain bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bulls. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) accordingly.
Traders' Sentiment
The shares of short and long positions on AUD/USD turned sharply bearish as investors (42%/58%) anticipate the pair to move downwards. Additionally, within 100-pip range from the present market price, the majority of traders (62%) expect the pair to change the direction over the middle term.
© Dukascopy Bank SA