© Dukascopy Bank SA
- Commerzbank (based on Business Recorder)
Pair's Outlook
The immediate resistance was too tough to pierce, causing the AUD/USD currency pair to suffer a 26-pip loss yesterday. This resistance cluster is now reinforced by the 100-day SMA, making the area even harder to breach. As a result, more bearish momentum is likely to take place, despite technical indicators in the daily and the weekly timeframes retaining bullish signals. A possible decline should not exceed the 0.7435 mark, where the weekly S2 coincides with the monthly PP. On the other hand, due to bullish technical studies, we should not rule out the probability of the Aussie reclaiming the 0.75 level.
Traders' Sentiment
Today 71% of traders are short the Australian Dollar, unchanged since yesterday. The share of buy orders, however, surged from 51 to 66%.
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