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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The Aussie made up for poor performace on Monday, as the currency climbed even higher than expected. The AUD/USD pair went through the monthly PP and 20-day SMA, before it settled just under the weekly PP at 0.7819. Technical indicators are giving neutral signs on the daily time frame; however, the Australian Dollar is still likely to cross the weekly PP and settle between 0.7819 and 0.7900. Moreover, weaker US Crude Oil Inventories data release supports the bearish outcome for the Greenback.
Traders' Sentiment
The bulls slightly increased in numbers, reaching 61% of the market, compared to 60% yesterday. The commands to acquire the Aussie rebounded from 29%, with 42% of all orders now set to buy.
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