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– State Street Corp. (based on Bloomberg)
Pair's Outlook
The weekly PP failed to hold the AUD/USD pair afloat yesterday, which caused volatility to stretch out towards the second support level, namely the weekly S1 at 0.7165. Nevertheless, trade closed between the two closest support levels, refusing to keep moving to the may low of 0.7145. From the looks of it the Australian Dollar has the potential to approach the 0.73 mark, thus, retest the descending channel's resistance line this week, even though technical indicators keep giving bearish signals in all timeframes. Furthermore, since the weekly PP proved to be unreliable this week, attention turns to the weekly R1 as the main resistance today.
Traders' Sentiment
There are 59% of traders with a negative outlook towards the Aussie today, whereas only 46% of all pending orders are to buy it
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