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Pair's Outlook
The Australian Dollar suffered more weakness on Monday, piercing the 0.70 major level and stabilising at 0.6988. With the given major area breached, the Aussie is poised for another decline today. The first target is now the monthly S1 at 0.6956; however, due to volatility stretching out to the 0.6940 mark in the last three weeks, this could become the intraday bottom. Nevertheless, the possibility of a rebound still exists, but any upside potential is to be limited by the resistance cluster in face of the weekly PP and 20-day SMA.
Traders' Sentiment
Exactly three quarters (75%) of traders now hold long positions. At the same time, there are now more sell than purchase orders, taking up 51% and 49% of the market, respectively.
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