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– FPG Securities (based on Reuters)
Pair's Outlook
Relatively poor US fundamentals allowed the AUD/USD currency pair to edge higher, easily retaking the 0.76 level and piercing the immediate resistance cluster. This cluster is now providing support, while technical indicators suggest the pair is to weaken again. It is uncertain whether the demand area around 0.76 will be able to keep the Aussie elevated, but in case bears do take over, the 0.7570 mark will be the main target. Nonetheless, the overall trend remains bullish, with the trend-line receiving four strong and solid confirmations, thus, today might be a minor setback before the pair continues to climb higher.
Traders' Sentiment
There are 62% of all open positions being short today (previously 61%). At the same time, the portion of buy orders added seven percentage points, having risen to a total of 58%.
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