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- Commerzbank (based on FXStreet)
Pair's Outlook
The commodity currency slightly weakened against the US Dollar yesterday, as it appears to have reached its peak at the end of the previous week during its two-month rally. Nevertheless, in order to fully confirm further bearish momentum the AUD/USD pair is required to fall below the 0.75 major level again, where the 100 and the 200-day SMAs rest. The Aussie still has two supports on its path towards that area, which could help the pair recover and prolong its bullish trend. Technical indicators also suggest the Australian Dollar could edge higher, contradicting with the negative scenario.
Traders' Sentiment
Bears keep growing stronger, as 65% of all open positions are short today (previously 64%). At the same time, the number of purchase orders added three percentage points, having risen to a total of 55%.
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