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Pair's Outlook
The recent AUD/USD rally was expected to be reversed, but given that the pair managed to breach the immediate resistance yesterday, another positive development could now take place. Technical indicators are supporting this possibility, as they are giving bullish signals. The 0.77 major level is unlikely to be an obstacle, but the 0.7720/50 area prevented the Aussie from appreciating on several occasions previously. Moreover, a number of resistance are located within that range, which have the potential to trigger the anticipated U-turn.
Traders' Sentiment
Once again 71% of all open positions are short (previously 73%), while 57% of all pending orders are to acquire the commodity currency, up from 53% on Wednesday.
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