"AUD/USD continues to chop around sideways in range. Though it may be difficult to imagine right now, the Elliott Wave model suggests the next big move for AUD/USD may be to the upside."
— Jeremy Wagner, CEWA-M (based on Daily FX)
Pair's outlook
AUD/USD continues to trade closer to the upper channel boundary. Strong upside risks have increased the pair's momentum mid-day, pushing the Aussie through the weekly R1 and the 20-day SMA at 0.7433 and 0.7444, respectively. The hourly chart demonstrates that the pair already reached the upper channel boundary on Thursday and has since traded lower along the channel line. This should slightly allay the pair's upside momentum. Thus, it might be expected that the Aussie ends this trading week with a close slightly below the 20-day SMA in the 0.7440 territory.
Traders' sentiment
Market sentiment has remained at the same level, as 62% of open positions are long. In addition, 61% of pending orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 24% | 24% | 22% | |
| Orders | 22% | 32% | 2% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Neutral | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Sell | Neutral | |
| SAR (0.02; 0.2) | Buy | Sell | Buy | |
| Aggregate | → | ↘ | → | |