© Dukascopy Bank SA
"I don't think the Aussie dollar will go much lower.''
-HiFX (based on The Australian)
Pair's Outlook
It becomes evident pair wont manage to breach Double Top (peaks on 9th of August and 14th of September) support at 1.0160 and Triple Top or Head and Shoulders pattern formation becomes much more likely. However, due to inconclusive signals coming from technical indicators downside risk remains significant.
Traders' Sentiment
Traders are continuing to show clear preferences as ratio between bulls and bears remains 71% to 29%, respectively. However, 60% of pending orders are to sell which points at possible major shift in sentiment in the future.
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