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– Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
Even poor US NFP data on Friday was insufficient to cause the Aussie to post solid gains against its US counterpart, as a tough resistance area just above the opening price kept the pair from appreciating. Nonetheless, today the AUD/USD pair opened with a small bullish gap, but with downside volatility once again taking the upper hand. Consequently, we should see the Australian currency weaken further, until the five-month up-trend is reached. Technical studies, however, are in favour of the bullish scenario, but a return back above 0.76 is still far-fetched.
Traders' Sentiment
Market sentiment remains bearish, as 59% of all open positions are still short. At the same time, the share of sell orders increased from 37 to 52% over the weekend.
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