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– OANDA (based on Business Recorder)
Pair's Outlook
The Aussie managed to trim all intraday losses against the US counterpart yesterday, closing trade with just a four-pip gain. The AUD/USD pair is now likely to end the day higher, as a strong boost was received from RBA's meeting minutes and the US inflation data failed to bolster the Greenback. However, gains should not exceed the 0.77 level, as the weekly R1 and the Bollinger band form a substantial resistance around it. Moreover, since May 2016 the 0.77 mark prevented the given pair from edging higher, thus, resistance around this point is especially strong.
Traders' Sentiment
Bears remain in control, taking up 61% of the market today, compared to 62% on Monday. The portion of buy orders, on the other hand, inched up from 58 to 62%.
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