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– Peter Chia, United Overseas Bank Ltd. (based on Bloomberg)
Pair's Outlook
Yesterday for the fourth consecutive day this week the Aussie outperformed the US Dollar. The 0.77 mark remained intact, as the resistance at 0.7688, represented by the weekly R1, prevented the AUD/USD currency pair from posting more gains. As a result, there are now risks of the given pair reversing its direction, but with no substantial sell-off taking place in spite of the nearest support located only around 0.7620. Technical indicators suggest a different outcome, as they are giving bullish signals in the daily and the weekly timeframe. Ultimately, the Aussie could still approach the 0.77 level, but once again likely to fail to conquer it.
Traders' Sentiment
Today 66% of traders are short the commodity currency (previously 65%), while 53% of all pending orders are to purchase the Aussie.
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