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- AxiTrader (based on The Business Times)
Pair's Outlook
Friday ended with the Aussie Dollar declining against the US counterpart, which led to the breach of the six-week up-trend. The main reason for AUD/USD weakness were falling commodity and stock prices; however, the pair could still recover from Friday's slump, being that it was unable to fall under the 0.7660 level for nearly two weeks. Moreover, this handle is also supported by the 20-day SMA, bolstering the area, while technical indicators keep giving bullish signals, pointing to a possible recovery. A bullish outcome implies the pair is to breach the immediate resistance, namely the weekly PP at 0.7688.
Traders' Sentiment
There are 72% of traders holding short positions today (unchanged since Friday), while the share of purchase orders surged from 48 to 60%.
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