© Dukascopy Bank SA
- UOB (based on FXStreet)
Pair's Outlook
Even though the Australian Dollar managed to outperform the US counterpart yesterday, the 0.75 major level remained unconquered. Resistance above that area, namely the weekly S1 and the 20-day SMA, appears to too difficult to pierce, while the 100-day SMA is unable to provide sufficient support. As a result, the Aussie now risks falling towards a fresh two-week low, with the second support area located at 0.7435, formed by the weekly S2 and the monthly PP. Meanwhile, technical indicators are failing to bolster the probability of the negative outcome, as they retain bullish signals, suggesting that the retake of 0.75 level could still occur.
Traders' Sentiment
For the third day in a row bears take up 71% of the market, but the portion of buy orders returned to its Wednesday's level of 51%.
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