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– BBH (based on Reuters)
Pair's Outlook
The AUD/USD currency pair ended the day in the green zone yesterday, putting the resistance trend-line at 0.76 to another test, resulting in an additional confirmation of the line. Consequently, in spite of technical indicators suggesting another positive outcome is due, the Aussie is likely to make a U-turn. The weekly PP now acts as the closest support, which is to keep the given pair elevated. Basically, the commodity currency is stuck between the 0.7520 and the 0.76 levels against the US Dollar, where trade is expected to remain until the Friday's US NFP data is released.
Traders' Sentiment
Traders' remain bearish on the Aussie, as 63% of all open positions are still short. At the same time, the number of purchase orders inched up, having risen from 47 to 55% over the day.
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