© Dukascopy Bank SA
- UOB Group (based on FXStreet)
Pair's Outlook
Even though the Antipodean currency experienced a slight setback yesterday, the bullish momentum was regained earlier today, due to higher Australian business optimism and higher oil prices. The Aussie is continuing on its path towards the resistance trend-line at 0.7750, with only two main resistance on the way. First of all, the weekly R1 and the Bollinger band circa 0.7630, but this cluster risks getting pierced today. Second, the monthly R1 and the weekly R2 around 0.7674—the final obstacle before the trend-line could be retested. Technical indicators are also giving bullish signals, thus, intraday gains will doubtfully get erased today.
Traders' Sentiment
There are 72% of traders being short the Aussie today (previously 75%), whereas the portion of buy orders dropped from 58 to 47%.
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