- BNP Paribas (based on CNBC)
The Australian Dollar outperformed its US counterpart on Monday, preserving the rising wedge pattern. The Aussie was lifted earlier today by the RBA meeting minutes, triggering another buying spree. The 55-day SMA is providing immediate resistance around 0.7147, but is unlikely to prevent he AUD/USD from edging higher. The second target is the cluster around the major level of 0.72, which should hold the gains. A breach of the up-trend is also unlikely, as it is now bolstered by the 55-day SMA. Meanwhile, technical studies are giving bullish signals, suggesting the bullish scenario is to prevail.
Bulls now take up 72% of the market (previously 74%). The majority of all pending orders are still to sell the Aussie, namely 60% of them.