© Dukascopy Bank SA
- BNY Mellon (based on CNBC)
Pair's Outlook
As expected, the most recent surge of AUD/USD proved to be short-lived, failing to breach a combination of two resistances, the 20-day SMA at 1.0353 and weekly R1 at 1.0371. Now the currency pair is headed towards 1.0299 at full speed. A subsequent support area is at 1.0243/24, where bulls managed to repel the previous attack, but should eventually allow for a deeper decline—down to 1.0127/12, the falling trend-line.
Traders' Sentiment
Even more bearish traders have entered the market during the last 24 hours, being that the share of short positions has grown up to 68%, while the number of bulls is diminishing. On the other hand, there is no particular signal provided by the pending orders, since the gap between the buy and sell ones is currently insignificant (6%).
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