© Dukascopy Bank SA
- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
The initial test of 1.0576/60 by AUD/USD proved to be unsuccessful and could result in a dip down to 1.0534. The decline may also extend to 1.0462/39, which in turn is a more reliable support area, formed by the weekly and monthly pivot points, apart from the 55-day SMA. At the moment the near-term studies are mixed and imply a rally only in a longer time perspective.
Traders' Sentiment
Nearly three out of four traders (74%) are short on the AUD/USD, believing that a safe haven currency will appreciate relatively to a riskier one. The situation with pending orders is exactly the opposite, since 73% of them are to acquire the Australian Dollar and 27% are to sell it against its U.S. counterpart.
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