© Dukascopy Bank SA
- Soeciete Generale SA (based on Bloomberg)
Pair's Outlook
The Aussie experienced a small setback on Wednesday, with the given pair edging 31 pips lower. The Antipodean currency is expected to outperform the US Dollar and prolong its short-term bullish trend. The bigger picture outlook is also positive, as the four-month up-trend remains intact. Nonetheless, the AUD/USD currency pair now has the potential to stabilise above the 0.77 psychological level, with the closest resistance, represented by the Bollinger band, the July 2015 high and the weekly R2, located around 0.7735. Technical indicators are unable to confirm the bullish scenario, as they retain mixed signals.
Traders' Sentiment
Today 73% of traders hold long positions, compared to 70% on Wednesday. At the same time, the number of purchase orders dropped dramatically, namely from 69 to 27%.
© Dukascopy Bank SA