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- Satoshi Okagawa, Sumitomo Mitsui Banking Corp (based on CNBC)
Pair's Outlook
The Aussie extended its recovery by outperforming its US counterpart for the eighth consecutive day. The 0.73 mark was retaken, but the pair failed to reach the eight-week high of 0.7389. The AUD/USD is expected to prolong its bullish momentum for another day, with the potential to reach that eight-week high, but the 100-day SMA is keeping the pair at bay for now. Furthermore, technical studies are now also suggesting the Australian Dollar is to advance against the Greenback and proceed climbing towards the April low of 0.7532.
Traders' Sentiment
Bulls slightly retreated, as 71% of all positions are long (previously 74%). The number of sell orders gained 10% points up to 71%.
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