© Dukascopy Bank SA
- FXCM (based on the Australian)
Pair's Outlook
This week the pair strengthened and was able to break the 0.93 level; however, it seems the pair lost its momentum. The daily technical indicators are also neutral, not giving the needed bullish pressure for a further advance. After failing to climb higher we expect the pair's bulls to give up causing a sell-off. The Aussie could fall towards the weekly and monthly S1 at 0.9221/19, if any major obstacle will not appear on the way.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Aussie is going to rise relative to the U.S. Dollar and in overall the bears are sharing the sentiment with bulls half in half. In the meantime, the share of buy orders grew from 41% up to 59%.
© Dukascopy Bank SA