- UOB (based on FXStreet)
As was anticipated, the AUD/USD currency pair managed to return above the support line, thus, remaining relatively unchanged. The Australian currency is expected to edge slightly higher today, preserving the current bullish trend. Technical indicators are supporting this possible outcome with their bullish signals in the shorter term. The closest area to limit the gains is located around 0.7250, represented by the Bollinger band, the weekly R2 and the 200-day SMA. Positive US fundamentals, on the other hand, could still trigger a sell-off towards the 55-day SMA at 0.7114.
Bullish traders' sentiment remains unchanged at 74%, whereas the portion of orders to acquire the AUD slid from 57 to 26%.