"The Aussie remained offered as iron ore futures traded at the cheapest levels since November, bringing up worries on whether the Trump's reflation rally is over."
— London Capital Group
Pair's Outlook
Bears are prevailing is this trading session as well, pushing the pair through the 200-day and 100-day SMAs. The sideways movement guiding the Aussie since mid-January has diminished in scope, indicating that it may end soon. In addition, the currency is approaching the lower boundary of its range at 0.7495 that may result in a breakout by the end of this week. Nevertheless, the Aussie still has to breach the weekly and monthly S1s located above this support. It is expected that the pair's general movement for the remaining week may be towards the lower Bollinger band at 0.7478.
Traders' Sentiment
Market sentiment has improved slightly, as 51% of traders are holding long positions. In contrast, 51% of pending orders are to sell the pair.
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