- Westpac (based on FXStreet)
The Australian Dollar negated this week's losses, but failed to remain above the Monday's opening price and stabilised only at 0.7015. The Aussie received a boost today in face of better-than-expected Chinese manufacturing sector figures, which should help the given pair to climb higher today. A strong resistance rests around 0.7060, represented by the weekly and monthly PPs, as well as the 20-day SMA and the channel's upper trend-line. Despite bearish technical indicators, the AUD/USD should close trade somewhere within the resistance cluster.
Today 70% of traders are long the Aussie (previously 75%), whereas the share of sell orders increased four percentage points to 67%.