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- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The previous week ended with the Aussie remaining flat against the US counterpart for the second day in a row. Today the Antipodean currency risks falling even lower, with the closest area to limit the losses located only at 0.7145. The interim between today's opening price and the weekly S1 is the 0.72 mark, which could potentially also provide sufficient support. A tough resistance cluster, represented by the weekly PP and the 200-day SMA is expected to prevent the AUD/USD pair from posting any gains, and technical indicators are also in favour of the bearish scenario.
Traders' Sentiment
Bulls lost some numbers over the weekend, as 64% of all open positions are now long (previously 69%). Meanwhile, the portion of orders to purchase the Aussie slid from 63 to 59%.
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