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- Societe Generale (based on CNBC)
Pair's Outlook
The Australian Dollar edged up against the US Dollar yesterday, amid weaker-than-expected US fundamental data. The rally was rather insignificant, only 20 pips, as the AUD/USD pair crossed the weekly S1. Technical studies retain their mixed signals, but we still anticipate the Aussie to decline versus the Greenback. The 20-day SMA has already stopped the pair from advancing and even pushed it back down under the 0.79 area. The nearest significant support lies at 0.7834, namely the monthly PP.
Traders' Sentiment
Bullish sentiment remains unchanged, as 70% of traders still hold long positions. The number of buy orders increased and reached the same percentage as the share of long positions, 70%.
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