© Dukascopy Bank SA
- Westpac (based on FXStreet)
Pair's Outlook
The Australian Dollar managed to rebound on Wednesday, finding support at the newly-formed ascending channel's lower boundary. However, the weekly pivot point somewhat diminished Aussie's gains that day, but is no longer acting as an obstacle today. Together with the channel's support line, the weekly PP is expected to provide the AUD/USD pair with sufficient strength for another rally. Moreover, technical indicators are also in favour of this possibility, as they keep giving positive signals. The 0.77 major level is still the main target, which the Aussie struggled to overcome last week.
Traders' Sentiment
Market sentiment remains bearish, with 66% of traders holding short positions (previously 64%). Meanwhile, 56% of all pending orders are to sell the commodity currency, up from 51% on Wednesday.
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