© Dukascopy Bank SA
— AxiTrader (based on The Business Times)
Pair's Outlook
The Australian Dollar behaved in accordance with expectations yesterday, being that it managed to edge higher, but was unable to breach the immediate resistance area. Technical indicators keep suggesting the Aussie is to continue outperforming the US Dollar, but there is no impetus present that could help the AUD/USD pair climb over the immediate resistance. Consequently, a bearish correction today is the most probable outcome. However, the Aussie has the opportunity to remain above the 0.7720 mark—a level it struggled to fully overcome for nearly two years. A slide back down could result in an eventual plunge of approximately 500 pips.
Traders' Sentiment
Although not as strong as yesterday, but traders' sentiment remains bearish at 73%. The number of sell orders slid from 56 to 52%.
© Dukascopy Bank SA