© Dukascopy Bank SA
- Westpac (based on FXStreet)
Pair's Outlook
The Australian currency managed to rebound after reaching a three-week low and end the day with a 15-pip rally. The Aussie skyrocketed all the way to the monthly R1 at 0.7334, amid extremely good labour market data. Although momentum has slowed afterwards, the AUD/USD is still likely to close trade in the green zone. Immediate resistance is represented by the weekly PP at 0.7297, but bulls can still push the pair higher, with the price stabilising between the first and second resistances. Contrariwise, the exchange rate might drop to 0.7260 on strong US fundamentals.
Traders' Sentiment
Bullish market sentiment remains unchanged at 74% for the fourth day in a row, while the share of buy orders went up from 36 to 54%.
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