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- Rabobank (based on FXStreet)
Pair's Outlook
As was anticipated, the immediate support cluster managed to keep the AUD/USD currency pair from edging lower yesterday, despite a continued decline of commodity prices. The Aussie still has room to decline towards the up-trend, currently located at 0.7370, but with several obstacles on the way, the strongest one being the monthly PP just under the 0.75 psychological level. However, technical studies insists that the Australian Dollar could regain the bullish momentum and even negate this week's losses. The nearest resistance is the 20-day SMA, but we believe the exchange rate could stabilise closer to the weekly PP near 0.7630.
Traders' Sentiment
Today 69% of all open positions are long, compared to 58% yesterday. The number of purchase orders renames unchanged at 65%.
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