© Dukascopy Bank SA
- RBC Capital Markets (based on FXStreet)
Pair's Outlook
On Friday, the Australian Dollar experienced a small recovery, after having slumped more than 100 pips against the US counterpart on Thursday. However, the AUD/USD pair was still unable to reclaim the 0.76 major level that day, suggesting that more bearish momentum is likely to follow. Technical studies are no longer giving bullish signals in the daily timeframe, somewhat bolstering the possibility of the negative outcome. The pair is also supported by the lower Bollinger band and the monthly S1, which could prevent the Aussie from sliding down. The base case scenario is a close with relatively flat trade.
Traders' Sentiment
SWFX traders' sentiment remains bearish, now with 72% of all open positions being short (previously 67%). At the same time, the number of sell orders edged up from 57 to 60%.
© Dukascopy Bank SA