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- Commerzbank (based on FXStreet)
Pair's Outlook
As was anticipated, the Aussie lost some value against the American Dollar, barely managing to pierce the immediate support. No sharp movements are expected today, with the AUD/USD currency pair most likely remaining somewhere between 0.7350 and 0.7420. In case the Australian Dollar outperforms the US counterpart today, the monthly S2 at 0.7389 is likely to be pierced, although with the weekly PP at 0.7417 limiting the possible gains. On the other hand, the technical indicators are giving bearish signals, implying that most of this week's losses could be erased, as the nearest level to provide support rests only circa 0.73.
Traders' Sentiment
Today 52% of traders remain long the Australian currency, whereas the number of sell orders returned to its Tuesday's level of 58%.
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