© Dukascopy Bank SA
- Global-info Co (based on Business Recorder)
Pair's Outlook
They AUD/USD currency pair almost completely fell in line with expectations, as the exchange rate closed at the 0.7182 level, rather than the expected 0.7177. Even though technical indicators are still giving bearish signals today, the Aussie is still likely to undergo a correction and climb back over the 0.72 psychological level. The weekly S1 remains the closest support, whereas the weekly PP and the 200-day SMA still form a relatively strong resistance area around 0.7256. Neither of these levels are likely to be pierced today, but the base case scenario is at least a 20-pip rally.
Traders' Sentiment
Nearly three quarters (74%) of traders now hold long positions, compared to 73% on Tuesday. Meanwhile, the share of buy orders edged lower over the past 24 hours, having fallen from 76 to 65%.
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