© Dukascopy Bank SA
- Citigroup Inc. (based on Bloomberg)
Pair's Outlook
The Aussie received a boost from an increase in oil prices yesterday, which allowed the given pair to overtake the immediate resistance, but the impetus provided was insufficient to maintain trade above the 0.76 level. The weekly PP and the 20-day SMA are now in the role of the nearest support circa 0.7580. In case this cluster is pierced, the second support area around 0.7480 is to hold and prevent the AUD/USD currency pair from falling deeper down. Nevertheless, according to technical indicators the Australian Dollar is to edge higher against the Buck for the third consecutive day, but the closest supply area in face of the weekly R1 and the Bollinger band is to limit the gains.
Traders' Sentiment
Bulls grew stronger, now taking up 73% of the market (previously 71%). Meanwhile, the portion of sell orders increased from 62 to 69%.
© Dukascopy Bank SA