© Dukascopy Bank SA
- Citi (based on Bloomberg)
Pair's Outlook
There were no surprises in the AUD/USD pair's performance on Friday, as the commodity currency did outperform the US counterpart, but failed to erase the sharp Wednesday's slump. Technical studies today keep giving bearish signals, suggesting the 0.74 level could be violated again today. The weekly pivot point is the only support on the pair's path, located at 0.7442, which is unlikely to prevent the bearish momentum from taking over. However, it is uncertain whether bears are capable of pushing the Aussie low enough for the 0.74 mark to be reached, as there are no significant market drivers present today.
Traders' Sentiment
Traders' sentiment returned to its previous Monday's level, with bears taking up 51% of the market (previously 52%). At the same time, the number of orders to sell the Aussie inched up from 51 to 65%.
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