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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The Australian currency failed to maintain trade above the 0.76 mark on Monday, but the immediate support in face of the weekly PP and the monthly R3 kept the AUD/USD from edging lower. This support cluster is likely to cause a rebound today and attempt to push the Aussie back above the 0.76 psychological level. Another area to keep the pair from advancing is the 0.7650 level, as it prevented the Aussie from rising higher during the previous week. Technical indicators are bolstering the possibility of positive outcome, but risks of the pair slumping below the 0.7550 mark persist.
Traders' Sentiment
Nearly three quarters (72%) of all open positions are now long (previously 69%). The percentage of purchase orders increased significantly, namely from 40 to 62%.
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