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– Westpac (based on FXStreet)
Pair's Outlook
Wednesday ended with the AUD/USD currency pair remaining relatively flat, as poor ADP data helped the Aussie erase all intraday losses. Bears appear to have taken over the market, pushing the Antipodean currency lower during the Asian session today, despite technical indicators retaining bullish signals. The given pair is unlikely to recover today, due to lack of impetus. Consequently, the only hope for the Aussie is the immediate demand area, located around 0.76, where losses could be limited. A failure to prevent the Australian Dollar from falling below this area would imply an eventual retest of the three nine-month up-trend, currently resting around 0.75.
Traders' Sentiment
Bears remain in the majority, taking up 65% of the market. Meanwhile, the portion of sell orders lost 20% points, having fallen to 56%.
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