- BNP Paribas (based on WBP Online)
On Tuesday, the support cluster around 0.7705 stopped the AUD/USD pair falling too deep. However, the Aussie experienced some volatility and even tested the support at 0.7682. Today, a rebound is expected, amid improvements in Australian CPI data. The closest resistance, the weekly PP, is unlikely to prevent the Australian Dollar from surging, hence; the 100-day SMA at 0.7791 should possess the strength to stop the rally. Meanwhile, technical studies are still showing mixed signs.
SWFX traders' sentiment slightly improved, as the portion of long positions increased from 66 to 67%. The number of buy orders declined one percentage point, down to 32% of the market.