© Dukascopy Bank SA
"We're just lost in this fog of Europe, and speculation regarding tonight's meeting of European leaders is all over the place. We're back on the risk-off psychology, which suggests that the Aussie is likely to see weakness today."
- Hans Kunnen, chief economist at St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
The US dollar strengthened today against the Australian dollar, thus the recovery was short-lived. After hitting the 0.9802 level (S3 Daily), the bearish bias is likely to continue, therefore the next targets could be 0.9742 (S1 Weekly) and 0.9697 (23 November 2011 low) for the bearish investors.
Traders' Sentiment
Even though the traders' sentiment is still bearish (69% short positions), the bearish mood intensified compared to the yesterday figure (45%). And within 100 pips, investors placed more short orders (70%) as they expect the pair to lose its value further.
© Dukascopy Bank SA