— Lloyds Bank (based on FXStreet)
Pair's Outlook
The Aussie has been recovering against the US Dollar almost through all of the previous week, also retaining this bullish momentum today. The 20-day SMA now acts as the immediate resistance, but is unlikely to prevent the AUD/USD pair from recovering. The cluster circa 0.7625 has more chances of succeeding, due to a number of significant levels, such as the 55-day SMA, located there. The main target is still the bearish trend-line just above 0.77, but the commodity currency still has levels to cross before reaching its goal. Meanwhile, technical studies suggest the given pair is to experience a setback and retest the immediate support area, namely the 200-day SMA and the weekly PP.
Traders' Sentiment
Bulls are barely outnumbering the bears, as 51% of all open positions are long. Pending orders are equally divided between buy and sell ones.
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