- Westpac (based on FXStreet)
Despite all expectations, the AUD/USD currency pair edged up for the second day. However, a strong resistance cluster limited the gains, allowing the Aussie to add only ten pips against the Greenback. Technical indicators showing distinctly bearish signs, suggesting that the Australian Dollar is to bounce back today. The closest resistance retains its position around 0.77, namely the weekly PP. The chance of reaching the 0.76 area was eliminated by yesterday's rally for at least one more day or even until next week.
Market sentiment returned to its Tuesday's level of 75%. At the same time, the portion of commands to purchase the Aussie added three percentage points. The orders now take up 49% of the market.