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- Marc Chandler (based on investing.com)
Pair's Outlook
The Aussie ignored the Reserve Bank of Australia rate cut and moved higher against the Greenback on Tuesday, as the pair surged to 0.7611 by the end of day's trading session, and it reached 0.7638 level during the day. The rate is most likely to continue to surge, which is also supported by daily aggregate technical indicators. In addition, the pair will not face any resistance up to 0.7670 level, where the weekly R1 is located at. However, the currency exchange rate moved slightly lower to 0.7590 by 11:00 GMT on Wednesday. .
Traders' Sentiment
There are 73% of traders being short the Aussie, whereas 75% of all pending orders are to acquire the Antipodean currency.
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