© Dukascopy Bank SA
- stockbroker Morgans (based on the Australian)
Pair's Outlook
At the moment the Aussie is trying to break the major level at 0.94; however, just above this level there is the next resistance level (weekly and monthly R1) at 0.9417/27. Even though at the moment it seems the pair is having a bullish momentum we expect it to diminish soon. In our opinion it is unlikely that the pair could set a new this year's high. At the same time the pair is well-supported by the weekly and monthly PPs at 0.9335/16; therefore, its depreciation is not set in stone and we could expect some consolidation around current levels.
Traders' Sentiment
At the moment of writing 61% of the SWFX market participants are expecting the Australian currency to lose value.
© Dukascopy Bank SA