© Dukascopy Bank SA
Pair's Outlook
The Aussie failed to breach the 100-day SMA yesterday, which was the first level forming the immediate resistance cluster. As a result, the AUD/USD currency pair edged only five pips higher, but another rally is expected to take place, as the pair has been in a bullish trend for eight week now. Technical studies also confirm the positive outlook, as they are giving bullish signals today. However, the Australian Dollar also faces a strong resistance, which could prevent the pair from stabilising above the 0.75 major level. A breach of the immediate resistance would open the door for a rally towards 0.7568—where the weekly R1 is located.
Traders' Sentiment
Nearly three quarters (74%) of all open positions are currently short (previously 70%). The share of sell orders increased from 58 to 74%.
© Dukascopy Bank SA