- Capital Economics (based on WBP Online)
The Australian Dollar surprised with its performance, as it managed to find support in face of the wedge's lower borders on Tuesday, after having slumped more than 100 pips. The pattern is currently fighting for its life, pushing the AUD/USD exchange rate higher, in attempt to pierce the immediate resistance cluster. The second target expected to limit the gains is located around 0.7140, represented by the 55 and 100-day SMAs. However, Yellen's testimony might strengthen the Buck, driving the given pair closer to Tuesday's low, where the weekly S1 lies.
Bullish traders' sentiment returned to its Monday's level of 72%, while the share of buy orders lost 23% points, falling down to 36%.