© Dukascopy Bank SA
- Commonwealth Bank (based on Business Recorder)
Pair's Outlook
For the second day in a row the Australian Dollar outperformed the US Dollar, having also retaken the 0.74 major level. It is uncertain whether the Aussie will be able to post more gains today, as technical indicators are giving bearish signals in the daily timeframe. The closest support at 0.7389, namely the monthly S2, is unlikely to prevent the AUD/USD currency pair from inching lower today, but the second target also remains out of reach—the Bollinger band around 0.7320. Overall, prices for commodities are on the rise right now, somewhat boosting the Aussie, thus, a close in the green zone is not out of the question.
Traders' Sentiment
Today only 52% of traders have a positive outlook towards the commodity currency, down from 54% on Tuesday. Meanwhile, the number of sell orders edged up from 58 to 62%.
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