- UOB Group (based on FXStreet)
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.
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.