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"In the near term, we could expect to see the Australian dollar continuing to come lower in what may be a fairly risk- averse market environment."
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
The Australian Dollar started this week lower against the American dollar and at the moment the pair attempts to touch 1.0162 (100-day SMA). If the pair manages to close below this level, it is likely that bearish momentum strengthens further and traders might face next support levels at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
Traders' Sentiment
At the moment, bulls constitute 71% of the total amount of positions opened on AUD/USD, whereas bears form a smaller part of the market, namely 29%. Within 100-pip range from the present market price, 74% of investors expect the pair to continue previous rally and 26% of currency traders expect the pair to commence trading in a bearish trend.
© Dukascopy Bank SA