- Glenn Stevens, RBA (based on WBP Online)
The weekly pivot point played its part yesterday and prevented the AUD/USD currency pair from advancing. As a result, the Aussie sustained a minor 21-pip loss, diminished by the RBA statement anticipation. The RBA decided to leave interest rates unchanged for the third month in a row, which in turn caused the Australian Dollar to rally today. The pair has already pierced through the three closest resistances and is currently testing the 0.74 psychological level. Furthermore, the pair could even climb up towards the 0.7425 resistance cluster if the US fundamentals disappoint later today.
Bullish SWFX traders' sentiment returned to its last Tuesday's level of 73%, while the portion of buy orders inched up from 31 to 40%.