© Dukascopy Bank SA
- Commerzbank (based on CNBC)
Pair's Outlook
On Thursday, the Aussie overperformed, as immediate resistances failed to stop the advance. As a result, the AUD/USD pair managed to reach the weekly R2 at 0.7820; however, the pair still closed at 0.7785. The bullish momentum is expected to be prolonged today; hence, the Australian Dollar might cross the 0.78 border and meet resistance around 0.7815, represented by the 100-day SMA and the weekly R2. Meanwhile, the technical studies are giving mixed signs on the daily timeframe.
Traders' Sentiment
Market sentiment improved, as 67% of traders are now long the Aussie (previously 66%). Buy commands also rose by one percentage point and now account for 39% of the market.
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