- RBC Capital Markets (based on CNBC)
The Australian Dollar succeeded in outperforming its US counterpart and managed to pierce the immediate resistance cluster on Tuesday. The possibility of the AUD/USD sustaining losses today is minimal, as there is a strong support cluster located below the opening price. Furthermore, technical studies in the daily timeframe are now giving bullish signals; however, the main gauge of the bullish reaction is a strong reading of the Australian GDP. The nearest resistance is represented by the weekly R1 at 0.7215, but we might also see the exchange rate settle closer to the second cluster around 0.7253.
There are now 68% of traders with a positive outlook towards the Aussie (previously 71%). At the same time, the portion of sell orders added 10% points, now taking up 69% of the market.