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- OANDA Australia (based on The Business Times)
Pair's Outlook
On Tuesday the Australian Dollar managed to erase all intraday losses and add some pips against the US counterpart, reluctant to maintain trade below the 0.7240 level. Nevertheless, this slight recovery is considered to be a minor setback in the pair's bearish trend, which is to be renewed in the upcoming days. However, it might be quite difficult for the Greenback to push the Aussie lower, as the pair is now supported not only by the monthly and the weekly S1s, but also the lower Bollinger band. A strong impetus would still trigger sufficient AUD-selling for the immediate demand area to be pierced, even though that is unlikely to occur today.
Traders' Sentiment
There are 53% traders being short the Australian Dollar (previously 54%), whereas 55% of all pending orders are to sell the given pair.
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