- Global-info Co (based on Reuters)
After a two-day rally the Aussie reached the weekly R2, where it intersects the upper trendline, forcing the pair to bounce back. As a result, the Australian Dollar declined to the cluster of supports around 0.78. Any gains should be short-lived, as the technical indicators are rather bearish in the short and long terms. If the bearish tendency persists, then AUD/USD will keep sliding until the price reaches the lower trend-line.
Long/short ratio finally edged up, with 63% of traders now being bulls and 37% being bears, after remaining unchanged for a week. However, the number of pending orders to acquire the Aussie in the 100-pip range from the spot plunged to 32%.