© Dukascopy Bank SA
- DailyFX (based on PoundSterlingLive)
Pair's Outlook
Upon reaching the 0.7450 level, the Australian Dollar trimmed some gains against the Buck, but still managed to close above the 0.74 mark. Nevertheless, the overall trend remains bearish, with the 55-day SMA acting as a ceiling, a breach of which is required for the possibility for the bullish bias to emerge. The given SMA is also reinforced by the weekly R1 and the Bollinger band, thus, a breach is not yet expected. Consequently, the Aussie is likely to decline today, with traders taking profit from yesterday's rally. Ultimately, the 200-day SMA should be the lowest border, preventing the pair from falling deeper down, located just under 0.73.
Traders' Sentiment
Today three quarters (75%) of all open positions are long (previously 74%), while the share of sell orders inched lower from 73 to 59%.
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