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– based on Daily FX
Pair's Outlook
AUD/USD showed almost no volatility whatsoever over most of Wednesday, battling 0.7476/83, and restricted by 0.7484 from the downside. A break above the resistance level would trigger a rally towards 0.7538 where the three-month channel is likely to cause a sell-off. Bearish movements beneath the 0.7484 level would put the 0.7421 demand area into play, leaving little to 0.7401/10 where the combined strength is likely to make levels underneath less attractive. Aggregate technical indicators, however, fail to give insights in what exactly the future holds.
Traders' Sentiment
Long positions contribute 56% to trader sentiment, while 55% of pending commands are to buy the Australian currency.
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