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- St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
If we consider the bearish behaviour of AUD/USD from April until now, its latest pull-back is currently eroding the 23.6% Fibo level. Accordingly, even if it gives in, there will be additional resistances implied by this study at 0.9508 (38.2%) and 0.9713 (50%), apart from the pivot points and moving averages, that should continue safeguarding the long-run negative outlook on the currency pair.
Traders' Sentiment
Continuous rally of the Australasian currency decreases the amount of people willing to hold it any longer, as they consider the probability of a further increase in the price as declining. Nonetheless, the bulls still dominate the market by holding 67% of all the open positions.
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