- Commerzbank (based on Reuters)
A sudden rebound in oil prices caused the Aussie to regain the bullish momentum and even reach a fresh nine-day high yesterday. Moreover, the AUD/USD currency pair returned within the rising wedge's borders and stabilised on top of the weekly R1, which is providing immediate support at 0.7180. A much stronger area is represented by the up-trend, the 55 and 100-day SMAs around 0.7135. Daily technical studies also shifted to the bullish side, suggesting that another rally could occur. In this case, the closest resistance in face of the Bollinger band is unlikely to limit the gains.
Nearly three quarters (73%) of traders are long the Aussie. The share of buy orders now takes up the largest part of the market (51%).