© Dukascopy Bank SA
- Commonwealth Bank (based on CNBC)
Pair's Outlook
This week the pair declined and dropped below the 20-day SMA, now for the second straight day it is trading just below the weekly S1 at 0.9293. The next target for the Aussie is likely to be the Bollinger Bands at 0.9234 as the resistance level (the weekly S1 and major level) at 0.9293/0.9300 has proven its strength. All in all the technical indicators are mixed; however, if we are looking at weekly they are bullish. Nevertheless, an advance is possible if the pair fails to break the weekly S2 at 0.9255.
Traders' Sentiment
An overwhelming majority (67%) of the market participants believe that the Aussie is poised for a decline and decrease in value relative to the greenback.
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