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– based on The Australian
Pair's Outlook
Following the 1.4 percent surge over Monday's trading session that confirmed the three and a half year down-trend, AUD/USD put an end to the attempt by developing bearish momentum on Tuesday. The monthly Pivot Point at 0.7589 is a decent target for a dive, with hitches at 0.7630 and 0.7621 on the way. Bullish pressures could, in turn, be placed upon the currency pair by various time-frame SMAs that lie beneath, causing the rate to break the senior trend-line for the first time ever and rally towards April highs at 0.7836. Furthermore, aggregate technical indicators imply that this scenario is not farfetched at all.
Traders' Sentiment
Traders have 54% of open positions long and 69% of pending commands are to buy the Australian currency.
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