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- UOB (based on FXStreet)
Pair's Outlook
Last Friday the AUD/USD currency pair confirmed the support around 0.75, represented by the monthly PP, resulting in a just under 50-pip rally. The Aussie struggled to edge above the 20-day SMA on Friday, which keeps providing immediate resistance around 0.7575 today and is also bolstered by the weekly PP. Even though a decline back towards the monthly PP is possible, a breach is doubtful, as that level is now reinforced by the weekly S1 and the Bollinger band. Moreover, technical indicators are now giving bullish signals in the daily timeframe, suggesting that the bullish outcome is more probable.
Traders' Sentiment
Traders' sentiment keeps weakening, but remains bullish nonetheless, with 71% of traders being long the Aussie. At the same time, the portion of sell orders increased from 58 to 62%.
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