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- RBC Capital Markets (based on Business Recorder)
Pair's Outlook
After some minor volatility, the Aussie managed to appreciate against the US Dollar and pierce the immediate resistance. The 0.71 major level played its part and kept the Australian Dollar afloat, also limiting the volatility to the downside today. Gains are likely to be limited by the weekly S2 at 0.7157, while the 0.71 major level is also reinforced by the lower Bollinger band and monthly S1. However, we should not rule out the possibility of a slump under 0.71, as technical indicators keep showing mixed signs.
Traders' Sentiment
Although not as strong as yesterday, but SWFX traders' sentiment remains bullish at 74% (previously 75%). The portion of orders to acquire the Aussie declined even more, down to only 17%.
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