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- Westpac (based on the Australian)
Pair's Outlook
After reaching February high at 0.9081 the AUD/USD currency cross gave up and plummeted below the 0.90 level. Now crucial for the pair will be whether it rebounds above the previously mentioned major level. If it falls lower, then the next support levels are March low and weekly S1 at 0.8891/87, that are considerably lower. The daily and monthly technical studies suggest that the pair is poised for a further decline.
Traders' Sentiment
Current decline is apparently encouraging even more traders; as compared to the yesterday's readings, the share of long positions grew from 63% to 66%. At the same time, the difference between the buy (55%) and sell (45%) orders is widening.
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