- JP Morgan (based on FXStreet)
The Aussie's gains on Tuesday exceeded expectations, as the Australian currency easily pierced the immediate resistance and even tested the second cluster. The strong cluster around 0.7455 is likely to cause the AUD/USD to bounce back, while the weekly PP is now providing support, also underpinned by the 0.74 psychological level. Nonetheless, the given support might not hold, causing the pair to fall down to around 0.7340. Technical indicators are giving bearish signals, bolstering the possibility of a decline today.
For the third day in a row net positions and net orders slid by one percentage point each. Now 73% of traders hold long positions, while only 41% of all commands are to acquire the Aussie.