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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The Aussie outperformed its US counterpart on Tuesday, amid weak US fundamental data results. As a result, the AUD/USD closed trade in front of the second resistance level in face of the 20-day SMA. Technically, the Aussie should bounce back today, falling back under the 0.72 level, with the target support represented by the 100-day SMA, the weekly and monthly PPs around 0.7180; while having the 55-day SMA on the way as well. On the other hand, the bullish trend might prevail, causing a spike towards the weekly R1 at 0.7269.
Traders' Sentiment
Exactly three quarters of all open positions are long today (previously 72%). At the same time, orders to purchase the Australian currency retook the largest part (52%) of the market.
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