© Dukascopy Bank SA
- MUFG (based on FXStreet)
Pair's Outlook
An increase in oil prices yesterday caused the AUD/USD currency pair to edge higher, but the rally was unsufficient to maintain trade above the 0.73 major level. The 0.73 mark is still reinforced by the monthly S2 and the weekly PP, while the second cluster circa 0.7355 is the main target. On the other hand, according to technical indicators the Aussie is to sustain another loss today, in which case the 200-day SMA will be the closest support. The bearish outcome is doubtful, as the RBA's minutes provided the Australian Dollar with sufficient impetus to continue rebounding.
Traders' Sentiment
There are 63% of traders being long the Aussie today, compared to 71% on Monday. Meanwhile, all pending orders are now equally divided between the buy and the sell ones.
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