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– Stephen Innes, OANDA (based on The Business Times)
Pair's Outlook
The Aussie's bullish trend experienced a small setback on Friday, being that the commodity currency lost ten pips against the American Dollar that day. The AUD/USD currency pair appears to be unable to climb over the 0.77 psychological level just yet, thus, a close in the red zone is the most probable outcome today. The weekly pivot point at 0.7652 is the closest level to limit possible losses, even though technical indicators suggest a rally is due; however, even a drop that low could be difficult to achieve due to lack of market movers today. On the other hand, a surge beyond 0.77 would cause the pair to encounter resistance circa 0.7725, also limiting the gains.
Traders' Sentiment
Bears keep gaining numbers, as 67% of traders are now short the Aussie (previously 66%). The share of buy orders slid from 53 to 49%.
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