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- OCBC (based on FXStreet)
Pair's Outlook
The AUD/USD currency pair remained relatively unchanged on Tuesday, losing only six pips, but reaching the intraday low of 0.6940. With the improvement of the risk sentiment, Commodity currencies, such as the Aussie, began recovering on Wednesday. Consequently, the Antipodean currency is likely to rebound and possibly even erase this week's losses. Although the nearest resistance retains its positions around 0.7055, there is still enough space to reach the resistance trend-line at 0.7094.
Traders' Sentiment
Bullish market sentiment remains unchanged, with three quarters of traders holding long positions. The number of purchase orders, on the other hand, declined from 49 to 37%.
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