AUD/USD breaks the bearish trend

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Absent a material weakening of labour market conditions, the RBA is not under immediate pressure to deliver further rate cuts this year offering support for the Aussie in the near-term alongside current favourable conditions for carry trades."  
– MUFG (based on FXStreet) 

Pair's Outlook 
The Aussie appreciated only 14 pips against the US counterpart on Monday, climbing over the weekly PP, but remaining under the four-year down-trend. Nevertheless, an upside breakout is expected today, with the main triggers being a surge in oil prices and the RBA's hawkish stance earlier today. Moreover, technical indicators are now giving distinctly bullish signals in the daily timeframe, bolstering the possibility of the positive outcome. Consequently, the main target becomes the second resistance cluster around 0.7750, represented by the weekly R1 and the Bollinger band. 

Traders' Sentiment 
Bearish market sentiment remains unchanged at 72%, whereas the number of orders to sell the Australian Dollar increased from 57 to 64%.
© Dukascopy Bank SA

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