© Dukascopy Bank SA
– based on Forex Crunch
Pair's Outlook
Friday's strong US NFP data was unable to reverse the AUD/USD pair's bullish trend on Monday, as another rally took place. However, the Aussie has no approached the tough supply area, located around the 0.77 major level, represented by the Bollinger band, the down-trend, the weekly and the monthly R1s. Any substantial rally today is likely to be limited by that area, while technical indicators also suggest the pair is to keep climbing higher during the week. On the other hand, we should not rule out the risk of the Australian Dollar returning back to 0.76, as the pair tends to experience setbacks in its trend from time to time.
Traders' Sentiment
There are now 71% of traders being short the Aussie, compared to 73% on Monday. Meanwhile, 71% of all pending orders are to buy the AUD.
© Dukascopy Bank SA