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"The weakening evident in Asian manufacturing at the start of the third quarter, may see some further downward pressure on hard commodity prices over the same period."
- Glenn Maguire, Asia Sentry Advisory Pty (based on Bloomberg)
Pair's Outlook
AUD/USD slightly recovered, and for now it maintains a bullish inertia. If bulls manage to develop a strong upward trend, then investors might encounter the second and third resistance levels at 1.0581 (R1 Monthly) and 1.0704 (R3 Monthly) as bullish momentum strengthens.
Traders' Sentiment
The stance on AUD/USD is neutral as equal portion of long and short trades are held by investors (51%/49%). At the same time, the order disposition shows that 65% of investors hold bullish outlook on the Aussie Dollar-US Dollar currency pair.
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