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– ANZ (based on Business Recorder)
Pair's Outlook
The Australian Dollar appreciated against its US counterpart for the third consecutive day yesterday, but with trade closing just in front of the 0.77 mark. The bearish momentum appears to be prevailing today, despite technical studies suggesting another rally is to take place. As it was mentioned previously, a failure to close above the 0.77 level by the end of the week is likely to cause the Aussie to keep falling until it reaches the nine-month up-trend, currently located near 0.75. However, today's losses are likely to be limited by the 0.7620 level, with the nearest significant support being out of reach, namely around 0.7590.
Traders' Sentiment
Bears keep pushing further, as 68% of all open positions are short (previously 65%). The portion of sell orders also increased to 68%.
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