"Bounce off support as expected but with metals getting hit today, more downside should be expected once we break below 0.7480. 0.7610 is important short-term resistance. Bulls need to break it otherwise the chances are in favor of the bearish camp."
- Alexandros Yfantis (based on Investing.com)
Pair's Outlook
Uncertainty in the commodity market has had negative effect on the Australian Dollar. The pair is trading in a minor upward-sloping channel in the hourly chart that may limit its intraday volatility between 0.7580 and 0.7540. Having met resistance at the upper boundary near 0.7579, the Aussie is moving lower towards the 55-hour SMA at 0.7562. The current downward momentum demonstrates that the pair may close above the 200-day SMA and the weekly PP circa 0.7553. Technical indicators flash bearish signals, suggesting that the Aussie may set the 0.7496 level as a target for the following days.
Traders' Sentiment
Market sentiment remains at equilibrium, as 50% of traders are holding long positions. Meanwhile, 52% of pending orders are to sell the Aussie.
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