© Dukascopy Bank SA
- Saxo Group (based on Reuters)
Pair's Outlook
As technical studies suggested, the Aussie appreciated against the US Dollar on Monday, stabilising above the immediate resistance. Even though the RBA Minutes boosted the Aussie today, the currency retreated from the intraday high in the European session. The weekly PP is now providing support at 0.7232, whereas the 20-day SMA is the closest resistance around 0.7241. The second cluster to limit the losses rests around 0.7185, represented by the monthly PP, the 55 and 100-day SMAs. Nevertheless, technical indicators retain bullish signals, implying a close above the 20-day SMA.
Traders' Sentiment
Bullish market sentiment barely changed, as 72% of traders are long the Aussie. The buy and the sell order ratio is now equal to one.
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