- UOB Group (based on FXStreet)
The Australian Dollar moved even higher, breaching the downsliding channel's resistance line. Yesterday, the exchange rate settled just under the February high in front of the weekly R1. Today, the pair is likely to rise again, although the technical indicators are giving mixed signals. Nevertheless, the rally is likely to encounter an obstacle around 1.7936, namely the upper Bollinger band and the monthly R1.
Market sentiment remains bullish with 68% of positions being long. At the same time, the number of orders to acquire the Aussie decreased, as now only 29% of all orders are set to buy and the remaining 71% are set to sell.