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— UOB Group (based on FXStreet)
Pair's Outlook
Ever since the AUD/USD currency pair put the one-year down-trend to the test on Monday, weakness has been prevailing in the markets. Rising oil prices have been partially bolstering the commodity currency, limiting the bearish developments, but today the oil up-trend took a breather, which allowed the US Dollar to take the upper hand and push the Aussie lower. The 20-day SMA, the weekly and the monthly PPs still form immediate resistance circa 0.7650, but risk to failing to prevent the given pair from experiencing another leg down. Meanwhile, technical indicators keep giving bullish signals, suggesting a recovery is possible.
Traders' Sentiment
Today 73% of all open positions are long (previously 71%). At the same time, the share of sell orders returned to its Monday's level of 56%.
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