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- Western Union Business Solutions (based on Bloomberg)
Pair's Outlook
Even though most of the technical indicators continue to give "buy" signals, the pair seems hesitant to approach 1.0577/59, which has repeatedly repelled AUD/USD in the past. Accordingly, in the near term this zone is supposed to contain the pair and thus add more pressure on the SMAs (55, 100 and 200-day) that converge in the area between 1.0468 and 1.0348, creating formidable support.
Traders' Sentiment
There are no changes since the last week with respect to the traders' sentiment towards AUD/USD, which was reluctant initiate a distinct trend lately. The portion of bears is 73% of the market and bulls constitute 27% of it. As for the orders, 57% of them are buy and 43% are short.
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