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- Westpac Global Markets Strategy Group (based on WBP Online)
Pair's Outlook
As was expected, the Australian Dollar weakened against its American counterpart on Thursday, having plunged towards the monthly PP near 0.75. Today's rebound of commodity prices is likely to strengthen the Aussie and provide sufficient impetus for the given pair to post some gains. The weekly S1 and the 20-day SMA around 0.7555 form the immediate resistance cluster, while the second target is represented by the weekly PP at 0.7630. Meanwhile, the monthly PP is providing rather strong support just below the opening price, preventing the AUD/USD currency pair from edging lower. Technical studies in the daily timeframe, however, are unable to confirm the bullish outcome.
Traders' Sentiment
Today 72% of all open positions are long, compared to 73% yesterday. The portion of orders to sell the Aussie increased from 52 to 58%.
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