© Dukascopy Bank SA
- Westpac (based on FXStreet)
Pair's Outlook
The Aussie overperformed yesterday, closing trade above a one-year long resistance line, due to a surge in commodity prices. The pair is to attempt and preserve the bullish momentum today, but might still return under the trend-line, as a number of US fundamentals are likely to weigh on the AUD/USD. The immediate support is now represented by the 100-day SMA, the weekly and monthly PPs around 0.7184. However, in case data disappoints today, the Antipodean currency could stabilise near 0.73—at the weekly R1.
Traders' Sentiment
The share of long positions lost two percentage points today, now taking up 72% of the market. Meanwhile, the number of sell orders returned to its Monday's level of 58%.
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