- Commerzbank (based on FXStreet)
The Aussie declined against its US counterpart on Monday, with trade closing slightly below the immediate support. Today the AUD/USD pair continued to suffer from falling oil prices, but managed to recover from daily losses, amid a rebound in commodities. It is uncertain whether the rally will last by day's end, as a rather strong demand is located around 0.6960, represented by the weekly PP and the monthly S1; technical indicators also support the bearish scenario. From a bolder technical perspective, however, a surge is quite possible, but not too far beyond the 0.70 mark.
Today 73% of traders are long the Aussie (previously 71%). Meanwhile, the share of purchase orders dropped from 53 to 47%.