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– Danske Bank (based on FXStreet)
Pair's Outlook
The boost received from the RBA Meeting Minutes caused the Australian Dollar to reach the first resistance area around 0.77 yesterday, but was insufficient to trigger a sharper rally. The AUD/USD pair is now likely to struggle to edge substantially higher, with the weekly R1 and the Bollinger band still providing immediate resistance, which kept the given pair at bay for six months now. However, technical indicators suggest the Aussie is to end the day in the green zone today, making it a sixth consecutive rally. Ultimately, a retest of the 0.77 mark is quite possible.
Traders' Sentiment
Bears remain in the majority, now taking up 68% of the market (previously 61%). All pending orders are now equally divided between the buy and the sell ones.
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