"A very important Support (around 0.7408) failed and now price will land on 0.7408 area for triggering buys. This is a clearly oversold setup."
— SGT Markets (based on Investing.com)
Pair's outlook
AUD/USD has managed to make a U-turn in this session, finding support at the crossovers of the lower Bollinger band, the weekly S2 and the bottom channel line at 0.7344. The given reversal suggests that the downward-sloping channel may prevail after all. Furthermore, the pair has formed a minor channel down on the hourly chart that may set its upper limit circa 0.7380, as the monthly S1 at 0.7407 seems to be unreachable today. It is expected that the Aussie might remain in the green area for the remaining day; however, fundamentals affecting the Greenback may introduce some corrections.
Traders' sentiment
Market sentiment remains bullish, as 52% of traders are holding long positions. In addition, 61% of pending orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 4% | 6% | 14% | |
| Orders | 22% | 14% | -36% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Buy | Sell | |
| RSI (14) | Buy | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | Sell | Sell | |
| ADX (14) | Sell | Neutral | Neutral | |
| CCI (14) | Buy | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Neutral | Neutral | |
| SAR (0.02; 0.2) | Sell | Sell | Buy | |
| Aggregate | → | → | → | |