© Dukascopy Bank SA
- ANZ (based on WBP Online)
Pair's Outlook
The Australian Dollar declined 23 pips against the US Dollar on Friday, while suffering even more losses over the weekend. Commodity currencies, such as the Aussie, are weaker on Monday, amid the rising concerns over the Chinese stock market and manufacturing indicators; therefore, another move to the downside is anticipated. Immediate resistance is located at 0.7242, represented by the lower Bollinger band, whereas a fall towards 0.72, which is also bolstered by the weekly S1, is more likely.
Traders' Sentiment
Market sentiment slightly improved, as 72% of traders hold long positions today (previously 70%). Meanwhile, the portion of buy orders declined from 50 to 35%.
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