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– CBA (based on Business Recorder)
Pair's Outlook
The AUD/USD pair continued to appreciate on Monday, but was unable to even reach the 0.77 psychological level. Even though technical studies keep suggesting the Aussie is to edge higher again, downside risks are also present. The weekly pivot point is still the closest support, while a much stronger cluster Is located around the 0.76 major level, formed by the monthly PP. the weekly S1, the 20 and the 55-day SMAs. At the same time, the 0.77 mark is the nearest potential resistance, a retake of which is required to establish the given pair's further bullish potential.
Traders' Sentiment
Bears keep gaining numbers, as 72% of traders hold short positions today, compared to 70% yesterday. The share of sell orders, however, barely changed, having fallen from 66 to 64%.
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