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– Nomura (based on Business Recorder)
Pair's Outlook
Tuesday ended with the Australian Dollar successfully inching higher against the Greenback, thus, breaching the tough resistance cluster around 0.7630. The Aussie is now poised for more strength, but with the 0.77 major level being the ceiling. Moreover, the 0.77 mark is also reinforced by the weekly R1 and the upper Bollinger band, making the area close to being impenetrable, not to mention that it kept the commodity currency at bay fore almost six months now. Furthermore, technical indicators imply bulls are to prevail today, therefore, the AUD/USD currency pair is expected to close somewhere between 0.7650 and 0.77.
Traders' Sentiment
Bears are slightly outnumbering the bulls, as 51% of traders hold short positions today. The portion of buy orders remains unchanged at 52%.
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