© Dukascopy Bank SA
- Goldman Sachs (based on Reuters)
Pair's Outlook
Last Friday the Aussie edged lower against the Buck for the third consecutive day, but managed to remain above the 0.77 major level. Technical studies retain their bullish signals, implying that the AUD/USD currency pair is inch higher today and reconquer the 0.77 mark. Immediate resistance is represented by the weekly PP at 0.7724, but supply in this area is insufficient to keep the pair from appreciating for long, thus more focus should be on the second cluster around 0.7020, where the weekly R1 coincides with the Bollinger band. Meanwhile, the 20-day SMA circa 0.7664 undertakes the role of the closest support.
Traders' Sentiment
Market sentiment now shifted to the bearish side, as 52% of traders now hold short positions (previously 51%). The portion of sell orders skyrocketed from 28 to 63%.
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