© Dukascopy Bank SA
- UOB Group (based on FXStreet)
Pair's Outlook
The Australian Dollar managed to remain relatively unchanged against the US Dollar on Tuesday, even posting a small intraday gain. Nevertheless, a sudden spark of hard AUD-selling occurred on Wednesday, as the Buck appears to have begun its correction, also followed by the breach of the 11-month up-trend last week. The monthly S1, the 200-day SMA and the Bollinger band keep forming a strong demand area around 0.7510, but the main focus is on the 0.7560 level, where the weekly S1 coincides with another trend-line, which kept the AUD/USD pair elevated for more than four months now.
Traders' Sentiment
Bears keep retreating, as 59% of traders have a negative outlook towards the Aussie today (previously 65%). Meanwhile, the number of sell orders also dropped, namely from 70 to 51%.
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