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- Commonwealth Bank (based on Reuters)
Pair's Outlook
Even though the Australian Dollar weakened against the Greenback on Tuesday, the up-trend, which bolstered by the weekly PP, remained intact. Consequently, the AUD/USD pair is expected to rebound again, prolonging the bullish trend. However, there could be some difficulties reclaiming the 0.77 major level, as the pair was reluctant to maintain trade above this area for quite some time now. Today's FOMC Meeting Minutes could also boost the American Dollar, which would instantly cause the bullish trend to be broken. Technical studies, on the other hand, insist the Aussie is to outperform the Buck, but no additional purchase signals are present.
Traders' Sentiment
There are 69% of traders holding short positions today (previously 68%). Meanwhile, the number of sell orders inched up from 55 to 59%.
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