- IG Ltd. (based on CNBC)
The AUD/USD remained unchanged over the day, after having reached a fresh one-week low yesterday. Today the Australian currency added more than 60 pips against the US Dollar, which, in turn, is getting oversold. The monthly PP is currently preventing the Aussie from climbing higher, but the exchange rate could still reach the weekly R1 at 0.7184 or even the 0.72 major level if the given pair receives a sufficient fundamental boost. At the same time, risks of diminishing the rally exists, with the 20 and 55-day SMAs holding the gains, as technical studies are giving bearish signs.
Bullish market sentiment returned to its Monday's level of 73%. There are now more orders to buy the AUD (57%), up from 44%.