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– Commerzbank (based on Reuters)
Pair's Outlook
On Thursday the Australian currency continued to gain value against the American Dollar, but with gains limited by the 55-day SMA at 0.7557. Today, however, risks are skewed to the downside, as technical indicators are giving bearish signals in the daily timeframe. A strong demand area rests circa 0.7505, represented by the 100-day SMA, the Bollinger band and the weekly S1, which is unlikely to let the Aussie drop lower that easily. In case of a bullish development the 0.76 major level is likely to be the ceiling, where the weekly and the monthly PPs form a rather solid resistance.
Traders' Sentiment
There are 54% of traders with a positive outlook towards the Aussie, compared to 55% on Thursday. At the same time, the number of orders to sell the Antipodean currency increased from 31 to 56%.
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