- BNP Paribas (based on FXStreet)
The Australian Dollar experienced substantial volatility against its US counterpart on Thursday, but eventually managed to stabilise above the 0.71 level. The current broadening rising wedge pattern is desperately fighting for its life, refusing to allow the pair maintain trade below its support line. As technical indicators suggest, we could see another rally today and, thus, the bullish trend preserved. The closest area to prevent the Aussie from gaining against the Buck is located around 0.7140, namely the 55 and the 100-day SMAs. Meanwhile, the main short-term support is the weekly PP at 0.7102.
A total of 70% of traders are long the Aussie today, compared to 75% yesterday. The share of buy orders skyrocketed from 23 to 57%.