© Dukascopy Bank SA
- UOB (based on FXStreet)
Pair's Outlook
Even though the Aussie appeared to be outperforming the Greenback on Thursday, it closed only with a small rally, unable to breach the immediate resistance area. A failure to post solid gains yesterday does not mean the AUD/USD currency pair could fall below the nine-week up-trend, as technical indicators are no longer giving bearish signals. However, the Australian Dollar's bullish potential could still be limited by the nearest resistance cluster, represented by the weekly PP and the 55-day SMA, with the second target at 0.7568, namely the weekly R1, most likely remaining out of reach.
Traders' Sentiment
There are 72% of traders holding short positions today, compared to 74% on Thursday. At the same time, 57% of all pending orders are to purchase the Aussie (previously 50%).
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