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- Bank of New York Mellon Corp. (based on Bloomberg)
Pair's Outlook
The Australian Dollar is continuing to decline relative to the US currency; moreover, the pair has retreated below the 0.84 level. Most likely the current down-trend will not end this week and the target remains at 0.8280 (monthly S2). The weekly technical indicators are also looking towards a bearish scenario as it is pointing to the downside. Nonetheless, a period of consolidation is possible around the 0.83 mark.
Traders' Sentiment
The traders' sentiment with respect to AUD/USD stays explicitly bullish, since as many as 74% of open positions are long. In the meantime, the relative number of buy and sell orders is narrowing—100-pips from the spot price their share are 51% to 49%.
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