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- ASB (based on The Business Times)
Pair's Outlook
Even though the AUD/USD currency pair failed to post more gains yesterday, it still managed to remain within the borders of the ascending channel pattern. Consequently, the Aussie is likely to experience another leg up, with the 0.7660 mark expected to be the ceiling, as the commodity currency was unable to maintain trade far above this area previously. The main target, however, is still the 0.77 mark, with the Bollinger band bolstering this psychological resistance. Meanwhile, technical studies are also in favour of the positive outcome today.
Traders' Sentiment
Bears keep gaining numbers, being that 68% of all open positions are short today (previously 66%). The portion of sell orders also increased, adding additional 2% points, now taking up 58% of the market.
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