© Dukascopy Bank SA
- Rochford Capital (based on Bloomberg)
Pair's Outlook
The currency pair stays largely undecided in the region between an overhead area, a combination of 1.0579 and 1.0624/00, and a support level at 1.0534/33. The technical studies suggest there is going to be a rally, but we have to bear in mind formidability of the resistance zone, which is topical for the market for the last nine months and is therefore highly unlikely to give in.
Traders' Sentiment
The ratio between the amounts of long and short positions is unchanged since the last report—27% to 73%, respectively, implying that traders are strongly convinced that the Australian Dollar is going to weaken. The distribution between buy and sell orders is 53% to 47%, accordingly.
© Dukascopy Bank SA