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- Nomura (based on CNBC)
Pair's Outlook
Weak US fundamentals caused the AUD/USD currency pair to edge higher, refusing to maintain trade below 0.75. However, the Aussie was unable to pierce through the main resistance area, namely the weekly PP and the monthly R3 around 0.7550. This cluster keeps providing immediate resistance today, preventing the Australian Dollar from outperforming its US counterpart. The 20-day SMA is the main support circa 0.7504, but a slump towards the second group of supports is also possible, namely towards the weekly S1 and the monthly R2 around 0.7420. According to technical indicators, the exchange rate could even climb to the 0.76 level, with the weekly R1 being the next target.
Traders' Sentiment
Traders' sentiment remains unchanged at 71% (previously 71%). The share of orders to purchase the Aussie inched up from 45 to 54%.
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