© Dukascopy Bank SA
"US stocks are up, bonds are down, and that should lead to some strength for the Australian dollar, but we're not seeing that strength."
- BK Asset Management (based on The Australian)
Pair's Outlook
Earlier in the session pair tried to recover some of its yesterdays losses, but received yet another bearish impetus from 1.0533 and at the moment it is supported by 20-day SMA/weekly S1 at 1.0486/81. It seems it is enough for the time being, but we might be up for a major dip as there are not much major support levels down to 1.04.
Traders' Sentiment
Negative attitude towards aussie strengthened further as amount of traders holding short positions on the pair increased to 74%. Distribution of pending orders does not predict any changes anytime soon as they are almost equally divided between the bears and the bulls.
© Dukascopy Bank SA