- UOB Group (based on FXStreet)
The Aussie weakened against its American counterpart on Thursday, amid a decrease in oil prices. However, the bullish momentum was regained earlier today, as commodity futures rebounded and pushed the AUD/USD higher. The pair is now on the route to negate yesterday's losses, but the 0.75 psychological level could still provide some resistance and keep the Aussie from appreciating further. The nearest resistance is still located around 0.7550, while the monthly R1 retains its role of the closest support, located at 0.7409. Technical studies are unable to confirm either scenario, but we are expecting the bulls to push the Antipodean currency to close near 0.7520.
Bullish market sentiment remains unchanged at 67%. At the same time, the number of orders to sell the Aussie dropped from 68 to 55%.