© Dukascopy Bank SA
- BNZ (based on The Business Times)
Pair's Outlook
Even though Thursday ended with the Aussie outperforming the Greenback, the rally was very limited, with the exchange rate experiencing difficulties breaching the immediate resistance circa 0.7735. Once again the AUD/USD pair showed its inability to stabilise above 0.7720, which suggests a bearish outcome is due today. However, if the bullish trend is to remain intact, a close above 0.7690 is required; otherwise, the six-week up-trend is to seize its existence. The 20-day SMA and the weekly PP are bolstering the trend-line, with most hopes falling on the weekly PP's shoulders, as it kept the pair afloat through all of the week.
Traders' Sentiment
Bears keep gaining numbers, as now 72% of all open positions are short (previously 70%), while 52% of all pending orders are to buy the Aussie.
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