"Commodity currencies remained wobbly as oil prices extended falls after tumbling on Thursday, when OPEC and allied producers extended output cuts but disappointed investors betting on longer and larger supply curbs."
— Masayuki Kitano (based on Reuters)
Pair's outlook
Following the massive plunge on Thursday, traders demonstrate indecision in this trading session, as AUD/USD continues to fluctuate near the opening price. The hourly chart indicates that the rate did already retrace back from the upper channel boundary at 0.7428, suggesting that it should remain above this level today. However, it is yet to be seen if upside risks manage to prevail, as more indications point to the downside. Technicals flash mixed signals in terms of Aussie's further direction. A retracement from the upper channel boundary, however, should point to slight appreciation, especially when there is still some upside potential until the upper Bollinger band.
Traders' sentiment
There are more bullish traders in the market, as 52% of open positions are long. In addition, 63% of set up orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 4% | 10% | 2% | |
| Orders | 26% | 28% | 32% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Neutral | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Neutral | Sell | Sell | |
| SAR (0.02; 0.2) | Buy | Sell | Buy | |
| Aggregate | → | ↘ | → | |