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– UOB (based on FXStreet)
Pair's Outlook
Even though the Aussie managed to appreciate against the US counterpart on Wednesday, trade closed with only a seven-pip rally. Nevertheless, the bullish outlook remains, with the AUD/USD currency pair expected to erase more of Tuesday's losses today. The 55-day SMA around 0.7556 is the only obstacle on the pair's path, where supply is likely to keep the Antipodean currency at bay. Meanwhile, technical indicators retain mixed signals, implying that a bearish development is also possible. In this case, however, a drop below the 0.75 major level will doubtfully occur, with a strong cluster providing immediate support at 0.7505.
Traders' Sentiment
Bulls keep growing stronger, as 55% of traders are now long the Aussie. The portion of buy orders also increased, having risen from 59 to 69%.
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