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"We expect the RBA to cut rates 25 [basis points] on Tuesday, reflecting concerns on the global economy, and China in particular. Aussie dollar strength will be an additional concern"
- Société Générale (based on MarketWatch)Pair's Outlook
Today the AUD/USD currency pair rebounded from the support line of the rising wedge pattern at 1.0350, and now the bullish trend is in action. As for now, the price confronts the Monthly PP at 1.0378, which might bring some bearish impetus, however, if it is breached, then next resistance at 1.0432 (55-day SMA) will probably reverse the direction of the current movement. On the other hand, present supports are at 1.0316, 1.0283 and 1.0238, and they seem to be safe for now.
Traders' Sentiment
Traders at SWFX market are rather neutral regarding the potential strength of the Australian Dollar, as 60% of traders hold long and 40% of traders hold short positions. The situation with orders is quite similar, since 57% of traders ordered to buy and 43% ordered to sell the aussie.
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