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- CMC Markets (based on WBP Online)
Pair's Outlook
Risk aversion and falling oil prices sparked weakness in the AUD/USD currency pair yesterday, causing the volatility to fall even below the 0.73 level. However, price stabilised at 0.7365, as it tends to gravitate towards the monthly PP this week. Furthermore, for two weeks straight the Aussie was unable to settle below the 0.7360 level, thus, we could expect a correction today. Technical indicators in the daily timeframe suggest the same. The 100-day SMA at 0.7404 is expected to limit the gains, which is the highest level of the immediate resistance cluster, formed also by the monthly and the weekly PPs.
Traders' Sentiment
Although not as strong as yesterday, market sentiment remains bullish at 73% (previously 75%). Meanwhile, the portion of sell orders added 11% points over the day, having risen up to 70%.
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