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– Bank of Montreal (based on Business Recorder)
Pair's Outlook
After having retested the ten-month up-trend yesterday, the AUD/USD currency pair erased all intraday gains and closed with a small rally. Earlier today the Aussie received a boost from a set of stronger Chinese fundamentals, causing the exchange rate to rise to 0.7645. Although technical indicators keep giving bearish signals, the commodity currency is unlikely to negate all gains, as main US data disappointed and weakened the Buck. However, a close below the immediate resistance area, located around 0.7610, is quite possible. Furthermore, a stable surge today would fully reconfirm the up ten-month bullish trend.
Traders' Sentiment
Today 61% of traders hold short positions, compared to 57% yesterday. Meanwhile, the portion of buy orders dropped from 57 to 51%.
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