© Dukascopy Bank SA
- Australia & New Zealand Banking Group (based on Business recorder)
Pair's Outlook
A decline in oil prices drove the Aussie lower against the Buck yesterday, but a poor reading of the Philly Fed Manufacturing Index caused the pair to almost completely erase the intraday losses. As a result, the Aussie is now located at the same point as yesterday, namely between the weekly S1 from the downside and the 200-day SMA from the upside. Technical indicators are still giving bearish signals in the daily timeframe, implying that the weekly S1 and the 0.72 major level might both be put to the test today. On the other hand, upside risks also persist, as the 200-day SMA failed to provide support or resistance earlier this week.
Traders' Sentiment
Today 69% of all open positions are long, compared to 71% on Friday, whereas the number of orders to buy the Aussie slid from 72 to 63%.
© Dukascopy Bank SA