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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The AUD/USD currency pair ended the previous week relatively unchanged, with trade closing at 0.7674. The weekly PP at 0.7630 is now the nearest support, but it is unlikely to keep the Aussie from falling even lower beyond 0.76. The second demand area is located around 0.7550, represented by the 20-day SMA and the weekly S1. However, technical indicators both in the daily and the weekly timeframes imply that the bullish momentum is to prevail. In this case, the pair has the potential to reach the July 2015 high, but only if the exchange rate climbs over the Bollinger band at 0.7708.
Traders' Sentiment
Today 63% of traders hold long positions, compared to 58% last Friday. At the same time, the number of purchase orders added 20 percentage points, having risen to a total of 54%.
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