© Dukascopy Bank SA
- Barclays (based on CNBC)
Pair's Outlook
The Australian Dollar extended its rally against the Buck for the fourth day in a row yesterday, reaching the second target, namely the weekly R3 at 0.7356. With another price increase today, the Aussie is likely to reach the highest level since December 2015—0.7385. The weekly R3, however, is providing resistance at 0.7356 and might prevent the AUD/USD currency pair from maintaining trade above 0.7380. Meanwhile, the closest support is represented by the Bollinger band, which is unlikely to limit the dips if the US currency surges. In this case, the exchange rate could even reach today's lowest target, namely the 200-day SMA at 0.7253.
Traders' Sentiment
Today 64% of traders hold long positions, compared to 66% on Thursday. The portion of sell orders increased from 66 to 70%.
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