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Pair's Outlook
The Aussie barely changed over the day, having inched just four pips lower. Despite this small setback, the commodity currency regained its strength today, now set to close above the 0.75 major level. The 100 and the 200-day SMAs keep forming strong resistance there, but given that commodity prices are boosting the Australian Dollar, that level is likely to be overtaken. Consequently, more focus should be paid to the second supply area, namely the cluster around 0.7555, where the upper Bollinger band coincides with the ascending channel's resistance line. Technical studies are also in favour of the positive outcome today.
Traders' Sentiment
Bearish market sentiment remains unchanged at 52%, while the number of orders to sell the Australian currency also reached the 52% mark, up from 49% on Monday.
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