- OCBC Bank (based on FXStreet)
As the AUD/USD currency pair approaches the support trend-line, chances of a rebound grow. Right now the Aussie is struggling to cross the trend-line to the downside, despite having edged lower earlier during the trading session. A rebound is possible if the US fundamentals disappoint today, as they have done so recently. However, according to expectations, the Australian Dollar should retreat to 0.79 psychological level, which is bolstered by the weekly S1. Technical studies are showing mixed signs, unable to confirm either scenario.
Today 71% of traders hold long positions towards the Aussie, whereas the share of purchase orders increased from 64 to 74%.