"If the RBA looks set to leave interest rates on hold for the foreseeable future then the mood towards the ‘Aussie' is likely to remain generally bearish."
— Louisa Heath (based on Future Currency Forecast)
Pair's Outlook
The first half of today's session was prevailed by bulls, giving signals to a possible U-turn. The situation, however, was changed to the downside, pushing the Aussie closer to the lower Bollinger band at 0.7452. Technical oscillators show mixed results at the moment; however, being located near the oversold area may change the pair's direction north if not today, than during the next trading week. The closest resistance limiting the Aussie is the weekly S1 at 0.7490. It is, however, unlikely that the pair closes in the green area, having the 0.7460 as a more probable target.
Traders' Sentiment
Traders' sentiment has changed in favour of bulls, as 52% of open positions are long. In addition, 57% of set up orders are to buy the Aussie.
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