- National Australia Bank (based on The Sydney Morning Herald)
On Monday the Aussie extended its gains against the US currency, amid an increase in oil prices. As a result, the nearest resistance was pierced, while volatility was limited by the second cluster at 0.7250. This level, namely the weekly R2, is to attempt to prevent the AUD/USD currency pair from edging higher again today. Although the weekly R2 is now bolstered by the Bollinger band, technical indicators keep giving bullish signals, insisting that the resistance might fail to hold. The next target would then be the cluster around 0.7280, represented by the 200-day SMA and the down-trend.
There are 73% of traders being long the Aussie (previously 74%). The number of sell orders increased from 57 to 70%.