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- BBH (based on FXStreet)
Pair's Outlook
With the FOMC stating that a June rate hike is still on the table, the Greenback was able to outperform the Australian counterpart, pushing the pair towards the third support level, namely the weekly S1 at 0.7217. The weekly S1 remains the closest support, but as technical indicators suggest, the Aussie is still likely to edge lower today. The interim before the second support area is the 0.72 major level, which could potentially limit the losses. Furthermore, the overall trend remains bearish, with all rallies during the last five weeks being short-lived and no significant high retaken.
Traders' Sentiment
There are 71% of all open positions being long today, compared to 73% previously. The portion of orders to purchase the Australian Dollar increased from 63 to 72%.
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