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- UOB (based on FXStreet)
Pair's Outlook
On Friday, the Australian Dollar edged up, establishing a good confirmation of the resistance trend-line at 0.7720. The trend-line is still reinforced by the Bollinger band and now also by the July 2015 high; therefore, the immediate resistance area is expected to hold and keep the AUD/USD currency pair from climbing higher. The resistance line is also unlikely to be reached, due to supply at the 0.77 psychological level being relatively strong. However, technical indicators are now giving bullish signals, implying that the Aussie is to strengthen for another day and erase the bearish gap.
Traders' Sentiment
Today 73% of traders hold long positions, opposed to 75% on Friday. Meanwhile, the number of orders to sell the Australian currency surged from 54 to 62%.
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