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- UOB Group (based on FXStreet)
Pair's Outlook
Wednesday ended with the Australian Dollar adding more than 55 pips against the US Dollar. As a higher yielding currency, the Aussie is benefiting from the current market turbulence. The 0.75 major level is expected to remain intact, with the upper target being the 0.76 mark. A surge higher will be difficult, as the Bollinger band and the monthly R1 form a rather strong resistance cluster just under that area. Meanwhile, technical studies are bolstering the possibility of a rally, as their signals are bullish today. The overall trend has also been bullish since the beginning of the month.
Traders' Sentiment
On Thursday 57% of traders have a negative outlook towards the Australian Dollar. Meanwhile, there is a large number of orders to acquire the Aussie, namely 71% of them.
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