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- UOB Group (based on FXStreet)
Pair's Outlook
The AUD/USD currency pair was able to only pierce the immediate resistance and close trade at 0.7325. The bearish momentum is now likely to prevail and push the Antipodean currency back under the weekly PP and the monthly S2 cluster, with the second support area being the 200-day SMA circa 0.7261. This time technical indicators are giving bearish signals, bolstering the possibility of the negative scenario. Furthermore, we might even see the 200-day SMA breached, which would leave the 0.7250 psychological area to prevent the Aussie from falling deeper, as it did during the Sunday/Monday bearish gap.
Traders' Sentiment
Bullish sentiment improved over the day, with 73% of traders now holding long positions (previously 63%). Meanwhile, the number of purchase orders increased from 50 to 63%.
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