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— AxiTrader (based on The Business Times)
Pair's Outlook
Last Friday, the AUD/USD pair behaved in accordance with expectations, having erased most of Thursday's losses. Commodity prices keep strengthening the Australian Dollar, while US Treasury yields keep weighing on it, with the scales still tipping in the Aussie's favour. No substantial upside development is expected, especially since the Antipodean currency had issues maintaining trade above 0.77 before. Moreover, the 20-day SMA, the weekly and the monthly R1s form relatively tough resistance around 0.7760, also contributing to limiting the bullish potential. Technical studies also suggest the Aussie is to close trade in the green zone today.
Traders' Sentiment
Exactly three quarters (75%) of all open positions are short today. At the same time, the portion of sell orders takes up 56% of the market.
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