© Dukascopy Bank SA
- ANZ (based on WBP Online)
Pair's Outlook
Even though the AUD/USD currency pair reached a daily low of 0.7736 last Friday, the Aussie still closed trade in front of the 100-day SMA at 0.7770. Today the mentioned SMA acts as an immediate resistance and might cause the Australian Dollar to edge lower. Moreover, a strong resistance cluster just above the 0.78 psychological level has already pushed the pair back down. The closest support lies at 0.7752, namely the weekly pivot point, but technical studies retain mixed signals, unable to confirm the scenario.
Traders' Sentiment
Both net positions and net orders weakened. Now 70% of traders hold long positions and 54% of all orders are to buy the Aussie.
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