- UOB (based on FXStreet)
On Wednesday the Aussie appreciated against the American Dollar, erasing Monday's and Tuesday's losses, due to the Fed's dovish statement and an increase in oil prices. The Antipodean currency retained some of yesterday's strength and is taking advantage of that—edging higher against the US currency. The closest resistance is located at 0.7650, but a much stronger cluster rests circa 0.7650, represented by the weekly R1 and the Bollinger band. However, a close near the 0.76 psychological level is also possible, as the pair lacks impetus to inch higher. Meanwhile, technical studies support the possibility of the bullish scenario with their signals in the daily timeframe.
For the fourth consecutive day market sentiment remains bullish at 69%. The portion of sell orders increased from 60 to 63%.