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- UOB Group (based on FXStreet)
Pair's Outlook
Once again the AUD/USD currency pair preserved the up-trend, having experienced a 29-pip rally on Wednesday, which allowed the 0.77 major level to be reclaimed. Technical indicators today keep suggesting the Aussie is to continue outperforming the US counterpart. A successful rally above 0.7750 would imply the breach of the immediate resistance area and open the door for a surge towards 0.7835—the April high. However, in order to reach the April high the pair is first required to climb over the 0.78 mark, an interim resistance, which is reinforced by the weekly R2. This week is unlikely to end with the 0.7835 handle being reached.
Traders' Sentiment
There are 70% of traders being short the Aussie today (previously 69%), whereas 55% of all pending orders are to sell it (down from 59%).
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