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    AUD/USD to persevere bullish impetus?

    © Dukascopy Bank SA
    "While the short-term upward momentum has picked up, a break above the major resistance at 0.7870/0.7920 resistance zone is not expected, at least not for this week."
    - UOB Group (based on FXStreet)


    Pair's Outlook 
    On Tuesday, the Australian Dollar did not vindicate the forecast and dipped instead of rising. Although the Aussie tested the monthly R1 and Bollinger band, it still suffered a four-pip fall. The bearish technical indicators are suggesting the downward momentum will persist. However, weak US data today is likely to put pressure on the Greenback; hence, the Australian currency is expected to experience a rally. Closest significant resistance is located at 0.7926, represented by the upper Bollinger band. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish (67% of positions are long). The gap between the orders narrowed, as 44% of all commands are now set to buy.
    © Dukascopy Bank SA

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