© Dukascopy Bank SA
— AxiTrader (based on The Business Times)
Pair's Outlook
Tuesday ended with the Australian currency sliding back under the 0.77 level, which suggests the given pair could now embark on a bearish voyage once more. The closest area to limit further losses rests around 0.7640, represented by the 20-day SMA, the weekly and the monthly PPs. Nevertheless, US Dollar weakness could still contribute to helping the Aussie remain above 0.7670 mark and cause the one-year down-trend to be reconfirmed. Unless the commodity currency manages to post more gains soon, the bearish momentum will fully take over, leading to a sharp declines by the end of the year.
Traders' Sentiment
There are 71% of traders holding short positions today, compared to 73% previously. Meanwhile, the number of orders to sell the Aussie remains unchanged at 52%.
© Dukascopy Bank SA