"A very important Support (0.7408) was retested in these days. Overbought started around 0.7472 but overextensions in area 0.757 are somehow likely to occur. In the opposite case, a bearish correction will land over 0.7408 again."
— SGT Markets (based on Investing.com)
Pair's outlook
AUD/USD is currently testing the upper boundary of a channel down. Thus, consecutive trading days will determine if the Aussie surges or moves back in the given pattern. The hourly chart demonstrates that the last wave has formed a junior channel up. In case this formation prevails, the pair may surge as high as 0.7500. However, technical indicators in this timeframe suggest that the pair may soon be oversold and, therefore, trade lower. This might confirm a scenario that the rate forms a new wave downwards in the senior channel. It is expected that the pair closes circa 0.7460/70 today; however, fundamentals scheduled later in the evening may alter this bullish momentum.
Traders' sentiment
Market sentiment remains bullish, as 58% of open positions are long. In addition, 65% of pending orders are to buy the pair.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 16% | 24% | 24% | |
| Orders | 30% | 22% | 32% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Buy | Sell | Sell | |
| ADX (14) | Neutral | Neutral | Neutral | |
| CCI (14) | Sell | Buy | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Sell | Sell | Neutral | |
| SAR (0.02; 0.2) | Buy | Sell | Buy | |
| Aggregate | → | ↘ | → | |