© Dukascopy Bank SA
- Barclays (based on CNBC)
Pair's Outlook
The Australian Dollar erased its Tuesday's losses and made another step towards returning inside the triangle pattern. The upbeat Australian employment figures boosted the Aussie so much, that the volatility stretched out to the 20-day SMA at 0.7155. No further fundamentals from the US today are likely to outweigh the Australian ones, even though technical indicators suggest a decline is possible. The weekly PP could still come in play and cause trade to close near 0.71, while the stabilisation around the 55-day SMA is more preferable, as it would restore the triangle pattern.
Traders' Sentiment
Today 71% of traders are holding long positions, while the portion of buy orders declined dramatically, from 63 to 34%.
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