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– BNP Paribas (based on FXStreet)
Pair's Outlook
On Thursday the Aussie once again put the four-year down-trend to the test by ending the day with a 30-pip rally. The commodity currency came and sharp selling pressure earlier today, which caused the exchange rate to fall back towards the 0.76 major level. However, the 0.7650 mark remains a strong psychological support, which kept the AUD/USD currency pair elevated for the previous two weeks. As a result, the pair might still recover from its intraday lows and close above 0.7650. Either way both the resistance trend-line and the support line are expected to remain intact by the end of the week, but with a breakout to occur next week.
Traders' Sentiment
Although not as strong as yesterday, market sentiment remains bearish, now at 64% (previously 67%).
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