"It seems that at this stage the RBA will just sit on the sidelines for much longer than expected and leave rates unchanged which will add further pressure to the Australian dollar against the greenback as the US gears up to raise rates further."
— FIBO Group (based on Investing.com)
Pair's outlook
Following the four-day period of appreciation, minor downside risks have overwhelmed the Aussie in this session. The price managed to reach as high as the weekly R1 mid-day prior to surrendering to bears. It should be expected that the pair ends this trading day above the monthly S1 at 0.7410/15. In case the pair turns to the upside, the pair may close slightly circa 0.7420. In general, the Aussie is expected to maintain its momentum north for the remaining trading week just to test the upper boundary of the channel down. Moreover, bearish signals are gradually decreasing in strength, indicating that the situation might change in favour of bulls in the nearest week or two.
Traders' sentiment
Market sentiment is almost at equilibrium, as 51% of open positions are long. Meanwhile, 53% of pending orders are to buy the Aussie.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 2% | 4% | 18% | |
| Orders | 6% | 16% | -24% | |
| 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) | Sell | Neutral | Neutral | |
| CCI (14) | Neutral | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Sell | Neutral | |
| SAR (0.02; 0.2) | Buy | Sell | Buy | |
| Aggregate | ↘ | ↘ | → | |