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– ThinkMarkets (based on The Business Times)
Pair's Outlook
The Australian Dollar edged up for the fourth consecutive day yesterday, putting the three-year down-trend to another test. This time, however, the AUD/USD currency pair is expected to undergo a decline, as another surge would imply a breach of the current bearish trend. There are some risks of this scenario not playing out, such as the weekly R2, which is providing immediate support and could prevent the Aussie from edging lower. Furthermore, technical indicators do not suggest the bearish momentum is to prevail. Finally, there have already been some attempts to breach the given trend-line, but the hopes of the trend preservation lie in the lack of market movers today.
Traders' Sentiment
There are 59% of traders being short the Aussie this Friday. Meanwhile, the portion of sell orders returned to its Wednesday's level of 51%.
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