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- Bank of Tokyo-Mitsubishi UFJ (based on Bloomberg)
Pair's Outlook
As was anticipated, the Australian Dollar declined against the US counterpart on Thursday, confirming the fact that price keeps gravitating towards the 0.75 major level. Consequently, today the AUD/USD currency pair is expected to strengthen, crossing the 0.75 mark once again, with the weekly R1 still acting as the nearest resistance level. At the same time, the 20 and 100-day SMAs, as well as the weekly and the monthly PPs, represent a strong demand area circa 0.7444. The given support and resistance also form an ultimate trading range, where the pair is likely to remain until the week is over.
Traders' Sentiment
Today 73% of traders hold short positions, compared to 74% on Thursday. The share of sell orders is now in the majority, taking up 51% of the market (previously 49%).
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