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- UOB (based on FXStreet)
Pair's Outlook
Yesterday for the third consecutive time the Australian Dollar outperformed the Greenback, but remained between the immediate support and resistance levels. According to technical indicators the Aussie is now likely to weaken, but even if bears do take over the market, the overall current bullish trend is unlikely to be broken. Instead the AUD/USD pair is expected to undergo a correction, which could last even until the 0.74 major level is reached again, as the immediate support, namely the weekly PP, lacks the strength to keep the commodity currency elevated.
Traders' Sentiment
There are 52% of traders with a negative outlook towards the Australian currency today (previously 51%). Concerning the pending orders, there are 67% of them to sell the Aussie.
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