- UOB (based on FXStreet)
The Aussie managed to outperform the US Dollar on Thursday, preserving the bullish trend-line. However, the AUD/USD currency pair is now under higher risk of breaking this up-trend, as the spot price is now not far away from the eight-month down-trend. This resistance line is also reinforced by the weekly R2 and the 200-day SMA. Even though technical studies are now giving mixed signals, the probability of the pair remaining flat is low. In case bulls take over, gains are expected to not to exceed 50 pips from the opening price, as that is how far the resistance line is located.
Today 73% of traders hold long positions (previously 74%). Meanwhile, the share of purchase orders edged up from 26 to 58%.