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- Westpac (based on Bloomberg)
Pair's Outlook
Even though the AUD/USD currency pair appreciated on Monday, it barely touched the immediate resistance cluster, having closed at 0.7372. The commodity currency retains its bullish potential today and is to attempt to reclaim the 0.74 level, bolstered by the monthly S2 and the weekly PP. A failure to reclaim this area could prolong the previous two-week bearish trend, when the Aussie dropped more than 400 pips against its US counterpart. The main target in this case will still be the May low of 0.7145, with just only one strong demand area, capable of triggering another rebound, on the way down.
Traders' Sentiment
Today only 54% of all open positions are long, compared to 56% on Monday. Meanwhile, for four times in a row the number of sell orders declined. Over the past 24 hours their portion dropped from 61 to 58%.
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