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"The RBA was expected to potentially cut rates and they didn't. As a result the Aussie dollar rallied. Bond yields have risen"
- Royal Bank of Scotland Group Plc (based on Bloomberg)Pair's Outlook
As suspected, bulls took control of the price, advancement of which continues to accelerate. Nevertheless, AUD/USD is dangerously close to a dense resistance zone that stretches from 1.0455 up to 1.0491 and it is expected to prevent extension of the current rally. If this is not the case, then 1.0572 will be the next goal, although technical indicators do not support such scenario and remain largely neutral.
Traders' Sentiment
Holders of short positions have secured their advantage over optimistic towards the aussie traders in the market and continue to take up 73% of all market participants. On the other hand, the ratio between buy and sell orders, namely 53% to 47%, does not evidence of strong interest in the Australian Dollar.
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