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– Ray Attrill, co-head of NAB global (The Sydney Morning Herald)
Pair's Outlook
Due to rising oil prices the Aussie received a boost on Thursday, adding 45 pips against the American Dollar. As a result, the immediate resistance area was pierced, allowing the pair to stabilise above the 0.72 major level. However, another positive outcome is doubtful, as technical indicators are giving bearish signals in all timeframes. Consequently, the commodity currency could erase some of yesterday's gains, thus, falling back under the 0.72 mark. On the other hand, in case demand, represented by the weekly PP and the monthly S1, turns out to be sufficient—the AUD/USD pair is unlikely to reach the nearest resistance, namely the weekly R1 at 0.7275.
Traders' Sentiment
For the third consecutive day 57% of traders hold short positions. At the same time, 78% of all pending orders are to sell the Aussie.
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