AUD/USD Jumps off the 2013 Low

AUD/USD Jumps off the 2013 Low

"Sellers may be left wanting for a catalyst to send the Aussie on its next leg lower over the week ahead." - FXCM (based on The Australian)

Pair's Outlook

Quite a few times in the past weeks the pair tried to push through 2013 low, but unsuccessfully. Today it received a bullish impetus from it and jumped above the 89 cent mark. Pair wasn't able to advance much above it in the pats weeks either. We expect such situation to persist further on and expect the pair to remain in the mentioned boundaries. In case of an unexpected rally, the pair might advance to 91 cent mark, but that seems very unlikely.

Traders' Sentiment

Bears took some of the market back to their control. Bulls now control 4% less market, 67% in total, than yesterday. Narrow, 50 pip, range pending orders remain in their favor, but wider range numbers suggest further strength of the short traders.