© Dukascopy Bank SA
- Westpac Banking Corp. (based on The New Zealand Herald)
Pair's Outlook
The commodity currency, the Aussie, fell under more selling pressure on Thursday, losing 73 more pips against the US counterpart. The 0.74 mark was put to the test that day, as the immediate demand area failed to provide sufficient support. The Australian currency remains on the back foot, likely to cross the 0.74 threshold today, with the monthly and the weekly S2s now forming the closest support cluster around 0.7375. Technical studies are also in favour of the bearish outcome, although the weekly ones suggest the pair is to soon make a U-turn, with profit being taken from the two-week slump.
Traders' Sentiment
Market sentiment barely changed over the day, being that 56% of traders are now short the Aussie (previously 57%). At the same time, the number of sell orders inched down from 66 to 62%.
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