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- Alexandre Dolci, BBVA (based on Reuters)
Pair's Outlook
For another day the Aussie remained relatively unchanged against its US counterpart on Friday, having lost only 11 pips. However, at the beginning of this week commodity currencies are mostly on the rise, amid rising oil prices. As a result, the AUD/USD currency pair is unlikely to close in the red zone, even though the closest support is as strong as during the previous week. The main resistance area, formed by the monthly PP and the weekly R1 around 0.75, on the other hand, appears to be still preventing further bullish development. The base case scenario is the exchange rate stabilising below the monthly pivot point.
Traders' Sentiment
Bears keep getting stronger, as 66% of all open positions are short today (previously 63%). At the same time, the number of orders to sell the Australian Dollar declined from 69 to 53%.
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