© Dukascopy Bank SA
- Commerzbank (based on Business Recorder)
Pair's Outlook
For the Aussie trade ended in the red zone on Wednesday, with a rather sharp 77-pip decline against the American Dollar. Technical indicators suggest the AUD/USD pair is to edge lower today; however, a significant bearish development is doubtful, as the support line at 0.7465 is not only bolstered by the weekly S1, but also by the Bollinger band today. As a result, demand around that area appears to be stronger, which could even trigger some AUD-buying, with investors taking profit from an almost 300-pip slump during the past two weeks.
Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bearish at 57% (previously 59%). At the same time, the number of all sell orders added 15% percentage points, having risen to a total of 66% over the last 24 hours.
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