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- Ivan Colhoun, National Australia Bank (based on The Business Times)
Pair's Outlook
Thursday ended with the Australian Dollar experiencing a small recovery against the US counterpart, also managing to climb back over the weekly pivot point. The Aussie has the chance to post more gains today, but is unlikely to erase Wednesday's losses, as there is no impetus present to trigger such a sharp recovery. Moreover, the monthly PP, the weekly R1 and the 20-day SMA form strong resistance around the 0.75 mark, also preventing the AUD/USD pair from climbing higher. Meanwhile, technical indicators suggest the given pair is to edge lower today, but the base case scenario is a close around 0.7450.
Traders' Sentiment
For the third consecutive day market sentiment is equally divided between bulls and bears. At the same time, there are 62% of all pending orders to sell the Sterling (previously 63%).
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