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- ING (based on FXStreet)
Pair's Outlook
Even though the AUD/USD ended last week with a rally, it is unlikely to be able to extend those gains today. A rather sharp sell-off of industrial commodities on Monday is causing the given currency pair to lose value. The pair now faces a support around 0.7240, represented by the weekly PP and the 20-day SMA. Technical studies are bolstering the possibility of the negative outcome today, but the weekly ones suggest the Aussie might regain its bullish momentum and retest the monthly R1 at 0.7334.
Traders' Sentiment
For the first time in more than five months traders' sentiment fell to 67%, compared to 75% previously. At the same time, sell orders account for 55% of the market (up from 48%).
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