- IG Securities (based on WBP Online)
The AUD/USD currency pair not only erased Tuesday's losses yesterday, but even reached a fresh eight-month high at 0.7528. However, the Aussie was unable to maintained trade at such levels, thus, price closed below the 0.75 level. Although there is sufficient room for a decline towards the monthly R2 at 0.7409, which is the closest support, the outlook is bullish. Gains, on the other hand, are likely to be capped by the immediate resistance cluster, represented by the Bollinger band, the weekly R1 and the monthly R3. Meanwhile, technical studies retain their mixed signals, unable to confirm either scenario.
Bullish sentiment remains almost completely unchanged, as 67% of all open positions are long, compared to 66% yesterday. The share of sell orders declined only 1% point, having fallen down to 68%.