© Dukascopy Bank SA
- St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
After yesterday's impressive advance, when the pair set a new high this year at 0.9506 the Aussie fell below the weekly R1 at 0.9455 today. Since the pair received a bearish impetus from the monthly R1 at 0.9507 it has not looked back and it is falling towards the cluster of support levels around 0.94 (weekly PP, 20-day SMA and major level). Pair's performance closer to this level could mark its future short term movements.
Traders' Sentiment
The SWFX traders are getting less convinced that the Aussie is going to fall relative to the U.S. Dollar; but overall the bears are still in a distinct majority, as they take up 63% of the market, and this is a significant advantage over the bulls (37%).
© Dukascopy Bank SA