"The market has reached the 61.8% retracement at 0.7382 and our target remains the base of the triangle at .7294 - this is a MAJOR break down point for the AUD."
— Commerzbank (based on FXStreet)
Pair's outlook
Even though the AUD/USD currency pair inched higher on Friday, a close below the 0.74 major level is still expected to occur today. Consequently, the Aussie is to retest the descending channel's support line for the third consecutive time. A potential recovery is in sight, as there are no fundamental events to promote more USD strength. Nevertheless, in case the Australian Dollar regains the bullish momentum, the exchange rate is unlikely to surge beyond 0.75, as that would imply a breach of the channel's resistance line, as well as another tough supply area bolstering it.
Traders' sentiment
There are 57% of traders holding long positions today, compared to 54% on Friday. At the same time, the number of orders to acquire the commodity currency edged down from 58 to 68%.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 14% | 8% | 10% | |
| Orders | -36% | -16% | -8% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Buy | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Buy | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Neutral | Neutral | |
| SAR (0.02; 0.2) | Sell | Sell | Buy | |
| Aggregate | → | → | → | |