© Dukascopy Bank SA
- UOB (based on FXStreet)
Pair's Outlook
Despite reaching a new one-week high yesterday, the Australian currency ended the day in the red zone against the Buck, as falling commodity prices weighed on the pair. As a result, the wedge's support line was pierced, suggesting we could soon see sharp bearish momentum re-emerge. Medium and long-term technical indicators are bolstering this outcome, but today the AUD/USD is supported by a strong cluster around 0.7075. As a result, the given pair has the potential to partially/completely negate Tuesday's losses.
Traders' Sentiment
Today 71% of all open positions are long (previously 72%), while the portion of sell orders slid from 60 to 57%.
© Dukascopy Bank SA