© Dukascopy Bank SA
"We don't think an actual cut next week will put too much downward pressure on Aussie -- a lot of the cuts are already factored into the market."
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The bearish reaction, which occurred yesterday, has successfully managed to continue, as today the AUD/USD currency pair experienced another consequent movement downwards, and now the price is about to test the 20-day SMA at 1.0406, which is very likely to stop the bearish tendency. Nevertheless, the overall indicator outlook is positive, therefore supporting the potential tendency change in the upcoming week.
Traders' Sentiment
The bearish expectations prevail at the market, since 72% of traders hold short positions, however the situation with orders is more neutral, as 47% of them are to buy and 53% of them are to sell the Australian Dollar.
© Dukascopy Bank SA