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- CMC Markets (based on WBP Online)
Pair's Outlook
Due to mixed US fundamentals, the Aussie closed 20 pips higher than expected yesterday. The Antipodean currency is now likely to undergo a correction and could even negate all of the gains this week. The nearest support lies around 0.7220, represented by the 20-day SMA and weekly S1, with a much stronger cluster located around 0.7185, where the 55-day SMA coincides with the 100-day one. Meanwhile, technical indicators are giving bullish signals, suggesting the pair could still rebound and climb over the weekly PP.
Traders' Sentiment
Bullish SWFX traders' sentiment weakened for the first time in five days, with 73% of all positions now long. The portion of orders to acquire the Aussie also dropped, from 54 to 53%.
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