"AUD rebounded on less hawkish Fed minutes and a bounce in WTI as we approach the OPEC meeting. But the currency will likely struggle, as it has so often of late, to gain any momentum above the .7500 handle more so as the iron ore glut remains in focus."
— Market Pulse (based on Investing.com)
Pair's outlook
The Aussie was appreciating steadily against the US Dollar during the morning session before plunging as low as 0.7460. Downside pressures have pushed the pair through the weekly R1 at 0.7491, while the next support is provided by the weekly PP and the 20-day SMA at 0.7436. Nevertheless, intraday technicals suggest that the bearish momentum should allay, as the pair is approaching a support cluster on the hourly chart formed by the lower boundary of a channel up and bottom Bollinger band around 0.7459. Thus, the pair might end this trading session around the 0.7480 mark. Likewise, it is expected that bears may prevail on Friday, as well.
Traders' sentiment
Market sentiment is bullish today, as 55% of open positions are long. In addition, 64% of set up orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 10% | 2% | 10% | |
| Orders | 28% | 32% | 34% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Sell | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Neutral | Sell | Sell | |
| SAR (0.02; 0.2) | Buy | Sell | Buy | |
| Aggregate | → | ↘ | → | |