© Dukascopy Bank SA
– AxiTrader (based on Business Recorder)
Pair's Outlook
The Aussie failed to maintain trade above the 0.77 mark yesterday, with the immediate resistance area triggering a sell off, which resulted in the pair remaining relatively unchanged over the day. Bears appear to have won over the market today, with the main question being whether the Australian Dollar will close trade below 0.7610. The support cluster just above the 0.76 level kept the AUD/USD pair elevated for almost two weeks now; therefore, we believe the momentum today is insufficient for a drop below this area. Moreover, the six-month up-trend remains intact in case the 0.76 level is violated.
Traders' Sentiment
Both bearish market sentiment and the portion of buy orders remained unchanged in the past 24 hours, taking up 68% and 55% of the market, respectively.
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