"The fundamental reason for Australia's problems is China and the rotten time that commodities have had since February as a result."
— Simon Derrick, Bank of New York Mellon (based on Reuters)
Pair's Outlook
Today's trading session has not brought any changes for the Aussie, as it continues to depreciate against the Greenback for the fourth consecutive day. Contrary to the substantial dip on Wednesday, the pair has decreased its downside momentum. The Aussie is currently heading for the lower Bollinger band at 0.7457 that may end up to be the closing level for today. Meanwhile, technical oscillators have approached the oversold area, demonstrating that a reversal may be due soon. This in turn would confirm the assumption that the pair may bounce off the lower Bollinger band.
Traders' Sentiment
Traders have increased their bearish outlook, as 58% of open positions are short. In addition, 56% of set up orders are to sell the Aussie.
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