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- ANZ (based on WBP Online)
Pair's Outlook
The Australian Dollar managed to close above the weekly R1 on Thursday, suggesting that more bullish momentum could now follow. The current trend is also bullish and technical indicators retain positive signals in the daily timeframe, while weekly ones are now overwhelmingly bullish. All signs suggest the AUD/USD currency pair is to surge for another day and ultimately reach the three-year down-trend near the 0.77 mark in the upcoming days. However, the Aussie faces a tough resistance area circa 0.7675, represented by the monthly R1, the weekly R2 and the Bollinger band, which altogether could limit the gains or even trigger a short-term sell-off.
Traders' Sentiment
Exactly three quarters (75%) of traders hold short positions today, whereas the share of sell orders inched up from 57 to 60%.
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