- UOB (based on FXStreet)
The Aussie had another day of good performance yesterday, as it climbed over the 0.76 major level and established a new eight-month high of 0.7647. The AUD/USD currency pair appears to be struggling to edge above the 0.7650 mark, but the weekly R1 is providing immediate support at 0.7634, somewhat preventing the pair from falling deeper down. Meanwhile, the weekly R2, the upper Bollinger band and the July 2015 high form a substantial resistance cluster circa 0.7720, but a surge beyond the 0.77 major level is unlikely, even though technical studies also support the possibility of the positive outcome.
There are 68% of traders holding long positions today, compared to 69% on Thursday. A rather large portion of all pending orders are to sell the Aussie, namely 79% (previously 63%).