© Dukascopy Bank SA
– Sonja Marten, DZ Bank (based on Bloomberg)
Pair's Outlook
Due to a US bank holiday on Monday, the AUD/USD currency pair barely experienced any changes, unable to pierce any significant level. The weekly and the monthly PPs kept weighing on the Aussie, and with the help of weak Australian fundamental data, managed to cause a breach of the 20 and 55-day SMA support cluster, as well the 0.76 major level. Consequently the pair dropped to a three-week low, finding support in front of the next demand area, which is formed by the weekly S1, the 100-day SMA and the six-month up-trend. The Aussie is now expected to close in between the first and second support areas, approximately around 0.7570.
Traders' Sentiment
There are 60% of traders being short the Australian Dollar today, whereas 58% of all pending orders are to purchase the Aussie.
© Dukascopy Bank SA