- CMC Markets (based on WBP Online)
The Australian Dollar outperformed its US counterpart on Tuesday, and even edged higher than the target level. As a result, trade closed at 0.7349, but a correction is expected to take place today. The two immediate supports are likely to be easily breached, as the pair AUD/USD is to retreat under 0.73 again. The lower Bollinger band should limit the losses, although risks of edging even lower towards 0.72 persist. Meanwhile, technical indicators are now giving bearish signals, bolstering the possibility of the negative outcome.
Bulls keep gaining numbers, as 73% of traders now have a positive outlook towards the Aussie. The portion or buy orders added 17 percentage points, up to 48%.