© Dukascopy Bank SA
- Commonwealth Bank (based on Business Recorder)
Pair's Outlook
The AUD/USD currency pair ended the previous week with a third consecutive decline, managing to remain above the 0.73 major level. However, a small bearish gap occurred during the weekend, causing the Aussie to open trade at 0.7283 today. According to technical indicators, the commodity currency is to keep edging lower, with the nearest demand area located only around 0.7206, represented by the weekly and the monthly S1s. This immediate support cluster is unlikely to be reached today, as there is no market driver present, which could trigger so much AUD-selling.
Traders' Sentiment
Today 56% of traders hold short positions, compared to 55% last Friday. Meanwhile, the portion of orders to sell the Aussie declined from 74 to 62%.
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