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Pair's Outlook
After having touched the six-month up-trend on Friday, the Aussie managed to recover from its intraday low and add ten pips against the US Dollar. However, a tough resistance cluster prevented the AUD/USD pair from appreciating further, which keeps providing immediate resistance today as well. As a result, the Australian Dollar's upside potential could be very limited today, doubtfully exceeding 20 pips. At the same time, the pair is supported by the ten-month up-trend, which is bolstered by the 100-day SMA, and is expected to prevent the Buck from strengthening against the Australian currency too much in case bears take over the market.
Traders' Sentiment
Although not as strong as on Friday (68%), but market sentiment remains bearish at 62%. The share of buy orders slid from 54 to 52%.
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