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- ThinkMarkets (based on The Business Times)
Pair's Outlook
Although the Australian currency managed to appreciate against the US Dollar on Tuesday, trade still closed not as high as was anticipated. The Aussie appears to be losing steam, which brings risks of the ascending channel's support line getting broken. However, the trend-line is still reinforced by the weekly pivot point, which could help limit the losses today. Technical studies also remain in favour of the positive outcome, suggesting the 0.77 mark is still the main target, bolstered by the Bollinger band and the weekly R1. Nonetheless, if the bearish scenario prevails the AUD/USD pair could be seen falling all the way back towards 0.75 eventually, where the 100 and the 200-day SMAs rest.
Traders' Sentiment
Both open short positions and the number of sell orders remain unchanged, taking up 64% and 57% of the market, respectively.
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