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– Bank of New York Mellon (based on Reuters)
Pair's Outlook
The Antipodean currency, namely the Aussie, managed to reclaim the 0.76 psychological level at the beginning of the week, but with the immediate resistance being strong, unable to edge significantly higher. Upbeat comments from the RBA earlier today trigger AUD-buying, which allowed the tough resistance circa 0.7620, to be overcome, with the main target now shifting to the area just under the 0.77 mark, represented by the weekly R1 and the Bollinger band. However, the AUD/USD pair is now expected to close around 0.7660, even though technical indicators are unable to confirm the outlook.
Traders' Sentiment
There are 65% of traders being short the Aussie today, compared to 62% previously. Meanwhile, the share of buy orders remains unchanged at 52%.
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