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Pair's Outlook
On Monday, the AUD/USD currency pair edged higher, but failed to climb over the immediate resistance in face of the weekly PP. This level keeps acting as the nearest resistance, but another retest of the resistance line around 0.7850, bolstered by the weekly R1 and the Bollinger band, is expected. Technical indicators are still giving bullish signals in the daily and the weekly timeframes; however, since the Australian currency is trading within the borders of an ascending wedge pattern against the US Dollar, more Aussie weakness is possible, with an eventual breach of the support line around the 0.76 major level.
Traders' Sentiment
Today 54% of traders hold short positions, opposed to 52% on Monday. The number of sell orders increased by three percentage points over the day. The orders now take up 66% of the market.
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