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    AUD/USD unable to abandon 0.74 area

    © Dukascopy Bank SA
    "With the risk appetite/commodity environment expected to remain fragile, the AUD-USD may continue to reject the topside at 0.7500 while attempting to angle for sub-0.7400 levels." 
    - OCBC Bank (based on FXStreet)


    Pair's Outlook 
    Even though the AUD/USD reached the 0.75 psychological level on Friday, the pair bounced back and ended the day with a 20-pip loss. The Aussie extended its consolidation and is expected to do so again today, as the weekly PP and monthly S2 are blocking the path for further growth. The Australian Dollar is likely to edge slightly down to around 0.74 major area, while the closest supports, namely the weekly S1 and the Bollinger band, are located too far. Technical studies are also bolstering the possibility of a shift to the downside. 

    Traders' Sentiment 
    Exactly three fourths of traders hold long positions again. At the same time, the portion of buy commands added five percentage points. The orders now account for 41% of the market.
    © Dukascopy Bank SA

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