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- RBC Capital Markets (based on CNBC)
Pair's Outlook
On Friday, the US Dollar weakened versus its Australian counterpart, and the AUD/USD pair surged 124 pips. The pair completely negated Thursday's losses, but was unable to go any further, as the monthly PP and trend-line formed a resistance cluster. This was the third consecutive time when the Australian Dollar attempted to breach the channel border. The technical indicators are showing bearish signs, suggesting a slump. The nearest support level lies around 0.7735, represented by the 20-day SMA and weekly PP.
Traders' Sentiment
Traders' outlook towards the Aussie remains positive: 68% of open positions are long (previously 69%). At the same time, the buy orders now take up a majority: 52%.
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