© Dukascopy Bank SA
- Westpac (based on the Sydney Morning Herald)
Pair's Outlook
At the beginning of the last week the Aussie dropped significantly and dropped around March highs/April lows around 0.9240 and ever since it has traded around these levels. Pair's weekly technical indicators are more to the upside; however, the monthly technicals expect a drop. We are more bearish than bullish and we expect the pair to slip towards the weekly and monthly S1 at 0.9176/71. However, in case this level will be approached the Aussie might bounce back to current trading levels.
Traders' Sentiment
The sentiment towards AUD/USD has become more bullish (39%); although, there are still more bears—61%. In the meantime, the sell/buy orders are completely identical at the moment.
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