© Dukascopy Bank SA
- CBA (based on The Business Times)
Pair's Outlook
Disappointment in US earnings data on Friday allowed the Aussie to begin its recovery. Although Friday's gains were limited by the monthly S1 at 0.7558, this threshold is likely to give in today, opening the door for another attempt to reclaim the 0.77 mark by the end of the week. However, the 0.76 mark is the first target, as it kept the AUD/USD pair at bay through all of the previous week. Meanwhile, daily technical indicators are unable to confirm another positive outcome is due, but the weekly ones remain somewhat supportive. Nevertheless, the base case scenario today is a close around 0.7580.
Traders' Sentiment
Today 67% of all open positions are long (previously 64%), but the number of pending orders remains unchanged—63% are still to sell the Australian Dollar.
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