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- Western Union Business Solutions (based on the Australian)
Pair's Outlook
The AUD/USD cross has opened approximately 50 pips below Friday's closing price and in the recent hours it has moved very close to the weekly S1 at 0.8695. The technical studies are not giving many worthy signals as they are mixed for the time being. The Aussie is struggling to reverse its losses against the US counterpart; although, just recently it seemed that it could consolidate above the 0.88 mark, which still remains the mid-term target.
Traders' Sentiment
There is strong conviction in the market that the Aussie is heavily undervalued, being that as many as 75% of open positions are currently long. As for the orders, the amounts of buy (63%) and sell (37%) ones are widening.
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