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- UOB (based on FXStreet)
Pair's Outlook
The AUD/USD currency pair experienced strong volatility on Wednesday, which was contained between the tough support cluster around 0.7420 and the weekly R1 at 0.7568. Nevertheless, the Aussie remained relatively unchanged against the US counterpart, thus, managed to preserve the nine-week up-trend. Being that the pair opened on top of this trend-line and the fact that it is reinforced by the 100-day SMA, the exchange rate is expected to move higher today. The nearest resistance rests circa 0.7515, while the key level is still the weekly R1 at 0.7568. Technical studies, however, are unable to confirm the possibility of the bullish scenario.
Traders' Sentiment
Once again 74% of traders hold short positions, down from 75% yesterday. The number of sell orders inched up from 43 to 52%.
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