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- RBC Capital Markets (based on FXStreet)
Pair's Outlook
Even though the Australian Dollar appreciated against the US Dollar on Tuesday, the weekly PP still managed to limit the losses, forcing the pair to negate most of intraday gains. The Aussie is now expected to weaken, with the main driver being the ADP Employment Change reading. The data boosted the Greenback earlier today, thus, opening the door to a drop below 0.7550. However, the AUD/USD pair faces the key support area today just below this mark, which is to prevent the Aussie from slumping further. The outlook remains unchanged, namely no key level is to be pierced until Friday's NFP data is released.
Traders' Sentiment
Today 66% of all open positions are short, compared to 70% on Tuesday. The number of sell orders, on the other hand, slid from 64 to 59% in the last 24 hours.
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