© Dukascopy Bank SA
- LTG GoldRock (based on the Australian)
Pair's Outlook
The Australian Dollar has reached a new low this year at 0.8592; however, it seems that the pair could fall even lower until today's close. The strongly bearish weekly indicator is forecasting a continuation of the current dip. Most likely one of the most important drivers will be whether the currency pair closes below the 0.86 and if it does so, then the weekly S3 and monthly S2 at 0.8530/17 becomes the target.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the Aussie to be undervalued relative to the US counterpart. Right now 74% of the traders are long the Aussie, while merely 26% of them believe the currency is going to fall in price even more.
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