"The best labor market in nearly thirty years should tell Fed officials that additional monetary stimulus is not required. We expect them to put another rate hike notch on their belts at the upcoming June meeting."
— Chris Rupkey, MUFG Union Bank (based on Reuters)
Pair's outlook
During Wednesday's trading session, AUD/USD managed to retain its upward momentum and close at the 0.7369 mark. Following a massive dip on the hourly chart, the Aussie tested the lower wedge boundary just to recover afterwards. Thus, it is expected that today's upward momentum may end the current indecision and push the price towards the 0.7370/80 territory. The closest support and resistance is located at 0.7343 and 0.7407, respectively, suggesting that hourly indicators may be more helpful in determining the pair's possible direction. In case of reversal, the exchange rate may target the 55-hour SMA at 0.7360.
Traders' sentiment
Market sentiment has increased today, as 62% of traders are holding long positions. In addition, 65% of pending orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 24% | 4% | 6% | |
| Orders | 30% | 22% | 14% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Buy | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Neutral | Sell | Sell | |
| ADX (14) | Sell | Neutral | Neutral | |
| CCI (14) | Buy | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Sell | Neutral | |
| SAR (0.02; 0.2) | Sell | Sell | Buy | |
| Aggregate | → | ↘ | → | |