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- BNP Paribas (based on Reuters)
Pair's Outlook
On Tuesday the AUD/USD currency pair dropped more than 50 pips, with trade closing just in front of the immediate support cluster. The Aussie somewhat recovered from its intraday low today after oil prices managed to rebound today; the initial pressure, however, was caused by the industrial commodities. The tough support cluster remains on the Australian Dollar's path and is expected if not spark a rally, then at least limit the losses around 0.7190, where the 100-day SMA rests. Meanwhile, technical studies keep suggesting the pair is to edge higher.
Traders' Sentiment
For the third consecutive day bullish market sentiment remains at 74%, whereas the share of sell commands edged up from 55 to 64%.
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