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– Commerzbank AG (based on Bloomberg)
Pair's Outlook
Thursday ended with the Aussie erasing most of its intraday gains, thus, with the pair unable to preserve the up-trend. However, the bullish trend-line could still be preserved with at least a 20-pip rally today, but it will be difficult to achieve, due to the 20-day SMA, the weekly PP and the four-year down-trend forming a strong resistance cluster close by. Technical indicators are also unable to confirm the possibility of the bullish outcome, therefore, we should not rule out that slump could also occur. In case bears take over the demand area around 0.7560 is to prevent the AUD/USD currency pair from posting more losses.
Traders' Sentiment
Bears remain in the majority, taking up 68% of the market, unchanged since Thursday. Meanwhile, 59% of all pending orders are to sell the Antipodean currency, compared to 51% yesterday.
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