© Dukascopy Bank SA
- BK Asset Management (based on Reuters)
Pair's Outlook
On Tuesday, the Australian Dollar appreciated against its US counterpart, but with gains failing to exceed the 0.73 major level, rather than the anticipated 0.7310. Even though the AUD/USD has been in a recovery trend for two weeks now, there is still room for the pair to decline, but not further than the 0.7240 level—where the 20-day SMA coincides with the weekly PP. A rally should be limited by the monthly R1 at 0.7334, which is also bolstered by the weekly R1 and the Bollinger band. Meanwhile, technical studies suggest the exchange rate could remain relatively unchanged today.
Traders' Sentiment
Less traders now have a positive outlook towards the Aussie, namely 58%. Meanwhile, the share of buy orders edged up from 51 to 53%.
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