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- CIBC World Market (based on CNBC)
Pair's Outlook
The Australian Dollar appreciated against its US counterpart for the seventh consecutive day, but stabilised at the resistance cluster's highest point of 0.7259. The Aussie is likely not only to extend its rally for the eighth day, but also establish a new seven-week high. The Bollinger band is now the nearest resistance, whereas a surge towards the 100-day SMA at 0.7371 would also cause the AUD/USD to reach a fresh eight-week high. However, we should not rule out the possibility of a correction if the Buck receives a boost from the FOMC members' speeches.
Traders' Sentiment
Bullish traders' sentiment remains unchanged at 74%, while the share of orders to acquire the Aussie dropped from 41 to 39%.
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