© Dukascopy Bank SA
– Westpac (based on FXStreet)
Pair's Outlook
As was anticipated, the AUD/USD currency pair preserved the three-year bearish trend by bouncing back from the trend-line on Friday. However, the pair failed to post significant losses, having only erased Thursday's gains that day. Meanwhile, a drop below the 0.76 mark is doubtful, as a tough support cluster is located just below it, formed by the weekly and the monthly PPs, as well as the 20 and the 55-day SMAs. Technical studies suggest the Aussie is to edge higher today, but the down-trend is still expected to hold, keeping the commodity currency under the 0.7647 level.
Traders' Sentiment
Traders are mostly bearish on the AUD/USD pair, being that 58% of all open positions are short. Furthermore, the majority of all pending orders are to sell the Aussie, namely 36%.
© Dukascopy Bank SA