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- Bloomberg (based on Business Recorder)
Pair's Outlook
The Aussie's attempts to erase Monday's losses were in vain, as the strong US fundamental data caused the AUD/USD currency pair to fall towards the 0.71 major level yesterday. The psychological level is likely to cause the Australian Dollar to rebound; even though the monthly S1 lies on the way, gains should still be limited only by the resistance cluster around 0.7155, represented by the Bollinger band and weekly S2. However, we should not rule out the possibility of a slump and extension of the short-term bearish trend.
Traders' Sentiment
Bullish market sentiment remains unchanged, with three quarters of all positions being long. At the same time, the number of buy commands in the 100-pip range from the spot slid from 32 to 31%.
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